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License from the minnesota government

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Reference no: EM131386011

Penelope has recently started a printing business in Duluth. She had to pay a fee to obtain a trade license from the Minnesota government and took a loan from the local bank to purchase inkjet printers, laser printers, and screen printers. She employs 20 workers who are paid a wage of $30 per hour. She is also a trained ballet dancer who used to earn an average of $50,000 a year. Penelope's implicit cost of running the business is:

  • $72,000 per annum.

  • the amount she used to earn as a ballet dancer.

  • the fee paid to the government.

  • the interest she has to pay on the loan

Reference no: EM131386011

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