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How much is the total cost in the economic point of view

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Question - Suppose you own a building here in Cabanatuan City that you use to run a small milk tea business. Your milk tea supplies amounted to 240,000 pesos. At the end of the year, your bookkeeper told you that your total revenues were 600,000 pesos. You also keep on thinking the other option of applying for a job or working for someone else business for 180,000 pesos for this year. Having your own business helps you to maximize your earnings depending on your dedicated time and efforts for your business. On the other hand, having a full time job enables you to receive monthly fixed income to cover all your expenses and save as well.

1. How much is your total accounting cost/explicit cost?

2. How much is your total income?

3. How much is your total accounting profit?

4. How much is the opportunity cost?

5. How much is the total cost in the economic point of view?

6. How much is the total economic profit?

Reference no: EM133077795

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