During a year of operation, a firm collects 175,
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Question
During a year of operation, a firm collects 175,000 in revenue and spends 80,000 on raw materials, labor expenses, utilities, and rent. The owners of the firm provided 500,000 of their own money to the firm instead of investing the money and earning a 14 percent annual rate of return
What's the explicit cost of the firm?
What's the implicit cost of the firm?
Total economic cost?
Total accounting cost?
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