Joe runs a vegetable stall in the market building. Joe has no skills, no job experience, and no alternative employment. Entrepreneurs in the vegetable stall business earn $16,000 a year. Joe pays the rent of $2,500 a year, and his total revenue is $24,000 a year. He borrowed $1,000 at 20 percent a year to buy equipment. At the end of one year, Joe was offered $600 for his business and all its equipment. What are Joe's explicit costs, implicit costs, and economic profit? Joe's explicit costs are $ 2,700 Joe's implicit costs are $

Joe runs a vegetable stall in the market building. Joe has no skills, no job experience, and no alternative employment. Entrepreneurs in the vegetable stall business earn $16,000 a year. Joe pays the rent of $2,500 a year, and his total revenue is $24,000 a year. He borrowed $1,000 at 20 percent a year to buy equipment. At the end of one year, Joe was offered $600 for his business and all its equipment. What are Joe's explicit costs, implicit costs, and economic profit? Joe's explicit costs are $ 2,700 Joe's implicit costs are $

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 5PA

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Need help with c (the break even point) and d (the price range for which the company will make a profit) please
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