Calculating the implicit cost of running the business

Assignment Help Microeconomics

Reference no: EM131777572

Question: 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:

- the fee paid to the government.

- the interest she has to pay on the loan.

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

- $72,000 per annum.

Reference no: EM131777572

Questions Cloud

Write down the expected loss for each decision strategy : An orange grower in Florida faces a dilemma. The weather forecast is for cold weather, and there is a 50% chance that the temperature tonight will be cold.

Compute amounts of any liability for compensated absences : Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2010, and 2011

Installed work cell for its line of led traffic signal lamps : Durabright wants to establish kanbans to feed a newly installed work cell for its line of LED traffic signal lamps.

What are the different levels of diversification firms : What are the different levels of diversification firms can pursue by using different corporate level strategies

Calculating the implicit cost of running the business : 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.

Describes the fraud examiners approach to writing effective : Per the Fraud Examiners Manual, which of the following bestidescribes a state's Bureau of Vital Statistics as a source of information?

Tyrus always considered himself cowboy first : Tyrus always considered himself a cowboy first and a businessman second and is having trouble deciding exactly what his trailer is worth.

Review problem on perfectly competitive market : In a perfectly competitive market, each firm maximizes its profit by choosing only the quantity to produce. Regardless of whether the firm makes an economic.

How might you as a social worker use your understanding : How might you, as a social worker, use your understanding of gender stereotypes and gender roles to help the Logan Family resolve their presenting concerns?

User Account

All Pages