Joe runs a vegetablestall inthemarketbuilding. Joe has no skills, no job experience, and no alternative employment.

Entrepreneurs in the vegetablestall business earn $18,000 a year.

Joe pays the rent of $2,000 a year, and his total revenue is $17,000 a year.

He borrowed $1,100 at 20 percent a year to buy equipment.

At the end of one year, Joe was offered $800 for his business and all its equipment.

Joe's explicit costs are $-----