Joe, who has no skills, no job experience, and no alternative employment, runs a shoeshine stand. Question Facts Use the question facts to calculate Joe's opportunity cost of 1. Other shoeshine stand operators that Joe knows earn production and his economic profit. $8,000 a year. 2. Joe pays rent of $2,000 a year. 3. His total revenue from shining shoes is $15,000 a Joe's opportunity cost of production is $ year. 4. He spent $800 on equipment and used his credit card to buy it. The interest on his credit card balance is 20 percent a year. 5. At the end of the year, Joe was offered $300 for his business and all its equipment