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An entrepreneur quits a job where she was earning $70,000 per year and starts her own business. In this business she is earning $40,000. What
An entrepreneur quits a job where she was earning $70,000 per year and starts her own business. In this business she is earning $40,000. What is the cost of the business? Suppose the entrepreneur is so happy being on her own that she thinks it gives her the same joy that a $100,000 job would. What would you say is the cost (not opportunity cost) of the entrepreneur's business?
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