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Ellie has been working for an engineering firm and earning an annual salary of $80,000. She decides to quit her job and open her own engineering business. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Ellie will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annual interest of $500. Ellie's annual implicit costs will equal

a. $55,200
b. $75,200
c. $80,500
d. $165,700

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938522

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