Explicit costs, Microeconomics

Assignment Help:
Joe is the owner-operator of Joe’s Haircuts Unlimited. Last year he earned $100,000
in total revenues and paid $65,000 to his employees and suppliers. During the
course of the year he received three offers to work for other barbers, with the highest
offer being $40,000 per year. What are Joe’s implicit costs?

Related Discussions:- Explicit costs

Point elasticity of demand, Point Elasticity of Demand - For large pric...

Point Elasticity of Demand - For large price changes (such as 20%), value of elasticity will depend upon where price and quantity lies on demand curve. - Point elasticity me

Consumer surplus, suppose ismail were to eat five pizzas per week.what is t...

suppose ismail were to eat five pizzas per week.what is the total value ismail would place on his five weekly pizzas?

Causes of inflation, Causes of inflation: Excessive growth in wages ...

Causes of inflation: Excessive growth in wages relative to productivity can cause inflationary pressures. This causes aggregate demand to increase relative to aggregate supp

1, Find the market-clearing price and quantity of burritos.

Find the market-clearing price and quantity of burritos.

Substitute product, If we have two products, A and B, which are substitutes...

If we have two products, A and B, which are substitutes, we can expect that a rise in the price of A (or B) will cause the demand for B (or A) to go up.” Examine this statement wit

Compute marginal cost and average total cost, 1.  What is the relationship ...

1.  What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2.  Define economies of scale and e

Production possibilty curve, why is the point outside the production possib...

why is the point outside the production possibility curve(PPC)called unttianable

Ionization energy or ionization potential, Describe Ionization energy or io...

Describe Ionization energy or ionization potential and The factors affecting the ionization energies

Determine the economic profit, Johnson Farms owns valuable farm land that a...

Johnson Farms owns valuable farm land that allows it to produce wheat at a lower cost than its competitors. The company reports large profits each year on its accounting statements

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd