What are the entrepreneurs economic profits

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Reference no: EM13209519

Entrepreneur's potential earnings as a salaried worker = $65,050
Annual lease on building = $34,006
Annual revenue from operations = $290,040
Payments to workers = $160,003
Utilities (electricity, water, disposal) costs = $8,010
Entrepreneur's potential economic profit from the next best entrepreneurial activity = $80,100
Entrepreneur's forgone interest on personal funds used to finance the business = $6,200

a) What are the entrepreneur's explicit costs?
b) What are the entrepreneur's implicit costs?
c) What are the entrepreneur's economic profits from this activity?

Reference no: EM13209519

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