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Fay runs a vegetable stall in the market building. Fay has no skills, no job experience, and no alternative employment Entrepreneurs in the vegetable stall
Fay runs a vegetable stall in the market building. Fay has no skills, no job experience, and no alternative employment Entrepreneurs in the vegetable stall business earn $18,000 a year. Fay pays the rent of $2,000 a year, and her total revenue is $21,000 a year. She borrowed $1,000 at 15 percent a year to buy equipment. At the end of one year, Fay was offered $600 for her business and all its equipment. What are Fay's explicit costs, implicit costs, and economic profit
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