Costs of starting the business

Time spent on bookkeeping and taxes

Building lease

Utilities

Opening a checking account

Internal expenses

Medical license

Business permit

Explanation:

Opportunity costs-

Opening a checking account

Accounting costs-

Time spent on bookkeeping and taxes

Building lease

Utilities

Internal expenses

Medical license

Business permit

N/B: Accounting costs include legal fees, internal expenses, and administrative costs

Opportunity costs

Opening a checking account-opening a high yield savings account is an opportunity cost for starting a small-scale business since the money can yield high interest if saved for future use.

The name of the business

Gross Hotel....

Consider the market for your good or service-(Gross Hotel)

1. Indicate if the demand for your good or service is elastic or inelastic.
2. Describe the specific characteristic(s) of your good or service that leads to its elasticity or inelasticity.
3. Explain how the (in)elasticity of demand influences your ability raise total revenue.