Calculate the explicit costs and implicit costs

Reference no: EM1370893

A woman managing a photocopying establishment for $25,000 each year make a decision to open her own duplicating place. Her revenue during the first year of operation is $120,000, and her expenses are as follows:

Salaries to hired help $45,000
Supplies 15,000
Rent 10,000
Utilities 1,000
Interest on bank loan 10,000

Calculate (a) the explicit costs, (b) the implicit costs, (c) the business profit, (d) the economic profit, and (e) the normal return on investment in this business.

Reference no: EM1370893

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