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Explicit costs of market-supplied resources

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During 2019, Betsy's engineering firm collected $450,000 in revenue and spent $100,000 on labor expense, raw materials, rent, and utilities. In addition, the firm paid taxes of $20,000 and incurred attorney fees of $30,000 for environmental disputes. The firm's owner, Betsy, has provided $750,000 of her own money instead of investing the money and earning a 10% annual rate of return. Betsy has a degree in engineering and could be earning $80,000 annually working for one of her competitors.

-What are the explicit costs of market-supplied resources?

-What are the implicit costs of owner-supplied resources?

-What is total economic cost?

-What is the firm's accounting profit?

-What is the firm's economic profit?

-Should Betsy continue running her firm or should she go work for one of her competitors?

Reference no: EM133125797

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