1. Explicit cost = 2(2500)= $ 5000
2. Implicit cost of time = $5200
3. Explicit cost = $3000
4. Implicit cost of capital =$ 400
5. Explicit cost = $ 120
Total explicit cost = $5000+ $3000+ $120
Total implicit cost = $ 5200 + $400
Economic cost = $ 13720
الالالالالالالالا Doug owns and runs an artisan bakery. Below are some of the details about his business's e...
Econ help Doug owns and runs an artisan bakery. Below are some of the details about his business's expenditures. For each item indicate the type of cost incurred • He has 2 assistants and he pays each of them $2,500/month. • To run the business he quit another job which paid him $5,200/month. To save on business expenses he does not earn any salary at his bakery. • He spends $3,000/month on ingredients and other supplies. • He owns the...
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