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Question
Jeremy is the owner of a makeup parlor that earns zero economic profit. Last year, his total revenue was $145,000, his rent was $12,000, his labor costs were $65,000, and his overhead expenses were $15,000. From this information, we know that his total implicit costs were
a. $145,000.
b. $53,000.
c. $92,000.
d. $65.000.
e. $15,000.
Answer
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Related questions
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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