Ben and Barton are the owner-operators of a bar where they themselves provide all the labor. The costs for the past year were as follows:

Rent and Taxes $ 210,000

Liquor and Food $600,000

Other Expenses $50,000

Suppose Ben and Barton purchased the bar ten years ago for $200,000, but would only get $150,000 if they sold it today; that the market rate of interest is 4%; that Ben could earn $60,000 per year tending bar for someone else, and that Barton could earn $42,000 per year as a waiter. Assume all costs will remain the same for the coming year, but that the owners would only be able to sell the bar for $147,000 at the end of the year because of additional wear and tear. What will be Ben and Barton’s total economic cost of operating the bar this year?