3 Scenario 8.1: Juan used to work for a law firm where he earned a yearly salary of$50,000. He got tired of working for another firm so he opened his own law office.He now pays his secretary $20,000 per year and spends $25,000 for rent andutilities. He earns $100,000 in annual revenue.Refer to Scenario 8.1 above. Juan's opportunity cost (economic costs) of runninghis own business isO $50,000O $55,000$45,000O $95,000Next-« Previous

*answer: *option a 50,000 is the correct answer.

Answered: le earns $100,000 in annual revenue.…

Business

Economics

le earns $100,000 in annual revenue. cenario 8.1 above. Juan's opportunity cost (ecor usiness is 00 00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Scenario 8.1: Juan used to work for a law firm where he earned a yearly salary of
$50,000. He got tired of working for another firm so he opened his own law office.
He now pays his secretary $20,000 per year and spends $25,000 for rent and
utilities. He earns $100,000 in annual revenue.
Refer to Scenario 8.1 above. Juan's opportunity cost (economic costs) of running
his own business is
O $50,000
O $55,000
$45,000
O $95,000
Next
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« Previous

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