Author Question: Explicit and Implicit CostsTed works 72 hours a week at his store, Ted's Vintage Threads, a used ... (Read 317 times)

sbegs · **on:** Nov 23, 2022

Explicit and Implicit Costs

Ted works 72 hours a week at his store, Ted's Vintage Threads, a used clothing store in Key West, Florida. The table lists his annual costs and revenue.

Wages Paid	$97,000
Interest Paid on Loans	$19,000
Other Expenditures for Factors of Production	$55,000
Total Revenue	$285,000

He owns the building that houses his business, and if he closed the store, he could rent out the building for $106,000 a year and go to work for his cross-town rival, Cassie's Classic Couture, and earn a salary of $34,000 a year. What are Ted's explicit costs? Implicit costs?
◦ -$26,000, $114,000
◦ $140,000, $171,000
◦ $114,000, -$26,000
◦ $171,000, $140,000

viper01 · **Reply #1 on:** Nov 23, 2022

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