A person starts his own business, quitting a job in which he was making $125,000 a year. He has revenues of $390,000 for the year. Expenses include $197,500 for wages to employees, $9,000 for utilities, $120,000 for materials, and $2,500 for gasoline in a car he leases for $19,000 a year. He also uses a building he owned that had produced $47,500 a year in rent. He also contributed capital start the business which could have earned a normal rate of return is $25,000. (3 marks) Using the case above, the person's implict costs for the year were? O $102,500 O $197,500 O $147,500 O $270,000 Using the case above, the person's accounting profit/loss for the year were? O $-30,500 O $-5,500 $13,500 O $42,000 Submit Assignment Quit & Save Back Question Menu f7 fo $10 of11 f12 pause prt sc X EA break sysra % & 5 6 7 8 9 O y Y U O P G H KUsing the case above, the person's implict costs for the year were? O $102,500 O $197,500 O $147,500 $270,000 Using the case above, the person's accounting profit/loss for the year were? $-30,500 $-5,500 O $13,500 $42,000 Using the case above, the person's economic profit/loss for the year was? O $-108,000 O $42,000 O $-174,500 O $-155,500 Submit Assignment Quit & Save /SUSTerm (1212)) (OAO4) Midterm ECON1410 (OL) A person starts his own business, quitting a job in which he was making $125.000 a year He has revenues of $290 906 for the your Expenses include $197.500 for wages to employees, $9,000 for utilities, $120,000 for materials, and $2 500 for gasoline w 0 cat he leases for $19,000 a year. He also uses a building he owned that had produced $47,500 a year in rent. He also contributed cactus to start the business which could have earned a normal rate of return is $25,000. (3 marks) Using the case above, the person's implict costs for the year were? O $102,500 O $197,500 O $147,500 $270,000 ing the case above, the person's accounting profit/loss for the year were? $-30,500 $-5,500 13,500 12,000 Quit & Save Back Quest Submit Assignment