Suppose a person quits a job earning $45,000 per year and starts a business with $120,000 withdrawn from a money-market account earning 8 percent per year. The implicit cost of the business is $ for the entrepreneur's time plus $ for the entrepreneur's funds (enter your response as an integer).

Suppose a person quits a job earning $45,000 per year and starts a business with $120,000 withdrawn from a money-market account earning 8 percent per year. The implicit cost of the business is $ for the entrepreneur's time plus $ for the entrepreneur's funds (enter your response as an integer).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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