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1. Joe quits his computer-programming job, where he was earning a salary of $50,000 per year to start his own computer software business in a building that he owns and was previously renting out for $24,000 per year. In his first year of business he has the following expenses: salary paid to himself $40,000, rent, $0, and other expenses $25,000. Find the accounting cost and the economic cost associated with Joe's computer software business.

Microeconomics, Economics

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