Calculate the opportunity costs of production (both explicit and implicit costs). One year ago, Jim and Jane set up a vinegar-bottling firm (called JJVB). Use the following information to calculate JJVB's opportunity cost of production during its first year of operation Jim and Jane put $50,000 of their own money into the firm. They bought equipment for $30,000. They hired one employee to help them for an annual wage of $20,000. Jim gave up his previous job, at which he earned $30,000, and spent all his time working for JJVB. Jane kept her old job, which paid $30 an hour, but gave up 10 hours of leisure each week (for 50 weeks) to work for JJVB. JJVB bought $10,000 of goods and services from other firms. The market value of the equipment at the end of the year was $28,000. Jim and Jane have a $100,000 home loan on which they pay an interest rate of 6 percent a year