1 One year ago, Jack and Jill set up a water bottling firm. Use the following information to calculate their explicit and implicit costs during their first year of operation:

2 3

3 6

4 10 a Jack and Jill put $50,000 of their own money into the firm.

5 15 b They bought equipment for $30,000.

6 21 c They hired one employee to help them for an annual wage of $20,000.

7 26 8

30 d Jack gave up his previous job, at which he earned $30,000.

9 33 10 35