(Answered) Jv inc generated 50000 in revenue during its first year of

Management Studies

JV, Inc. generated $ 50,000 in revenue during its first year of operations. During that period he paid $ 25,000 in raw material, $ 5,000 in water, electricity and phone, $ 10,000 for rent. The owner is the one who manages his business and I received a salary of $ 20,000 before resigning and establishing your business.

(a) Determine the explicit costs.

(b) Determine the implicit costs.

(d) Determine the economic gain.

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