(Answered) Entrepreneurs in the shoeshine stand earn 20000 a yearjoe

Economics

Entrepreneurs in the shoeshine stand earn $20,000 a year.

Joe pays the rent of $2,500 a year, and his total revenue is $21,000 a year.

He borrowed $1,200 at 10 percent a year to buy equipment.

At the end of one year, Joe was offered $1,100 for his business and all its equipment.

What is the explicit cost?

What is the implicit cost?

What is Joe economic profit in the first year?

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Business Economics, Economics

Category:- Business Economics
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