What is the firms total implicit cost

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Mary leaves her job as network administrator to start her own consulting business. In her old job, she was paid $80,000 per year. In her first year, her consulting business had revenue of $100,000 with just $30,000 in expenses. What is the firm’s total implicit cost? 5. What is the firm’s total economic cost for its first year? 6. What is the firm’s economic profit or loss for its first year? 7. If you were an economist working as a business consultant for Mary, would you advise her to continue in business or shut down? Why or why not?

Reference no: EM13997320

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