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Calculating the economic costs

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Sally quit her job as an auto mechanic earning $50,000 per year to start her own business. To save money she operates her business out of a small building she owns which, until she started her own business, she had rented out for $10,000 per year. She also invested her $20,000 savings (which earned a market interest rate of 5% per year) in her business. You are given the following information about the first year of her operations.

Total revenue          $120,000

Cost of labor               40,000

Cost of materials        15,000

Equipment rental         5,000

Calculate her economic costs.

Reference no: EM132396907

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