Amanda, age 6, opens a lemonade stand. She makes all the lemonade from a mix she found in her parents' pantry. Her stand is an old box she found in the garage. The pitcher and paper cups were taken from the kitchen. Which of the following is true?
a. The opportunity cost of the lemonade is zero.
b. The only opportunity cost of the lemonade is Amanda's time.
c. Amanda's explicit costs are zero.
d. The implicit costs of Amanda's lemonade are zero.
e. Whatever revenue Amanda gets will be pure economic profit.
Question 2
Maryann and Don want to open their own deli. To do so, Maryann must give up her job, at which she earns 20,000 per year, and Don must give up his part-time job, at which he earns 10,000 per year. They must liquidate their money market fund, which earns 1,000 interest annually. The rent on the building is 10,000 per year, and expenses for such necessities as utilities, corned beef, and pickles are 35,000 annually. What is the explicit cost per year of operating the deli?
a. 10,000
b. 35,000
c. 45,000
d. 31,000
e. 76,000
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