Question
Bob decides to quit his job as a teacher, in which he makes $50,000, to open a restaurant. The explicit cost of running his restaurant
Bob decides to quit his job as a teacher, in which he makes $50,000, to open a restaurant. The explicit cost of running his restaurant is $500,000, while the revenue for his business is $525,000. What is his accounting profit or loss? What is his economic profit or loss? What is the implicit cost in this example?
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
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