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Example of Identifying Types of Costs Abe Jefferson left a job paying him a salary of $80,000 per year to set up his own company which produces wooden desks. Here are data from his first year of running his company. a. He paid Martha Lincoln a salary of $50,000 to manage the production process. b. Based on demand for his desks, he employed ten workers at a total cost of $420,000. c. He used his own building as his factory instead of renting it to someone else for $90,000. d. His bill for energy consumption was $25,000. e. He spent $600,000 on materials such as wood, stain, brushes, and hardware. f. He bought $100,000 worth of equipment. g. He borrowed $100,000 from a bank to buy materials and paid $11,000 interest on the loan. h. He paid $10,000 for insurance for his factory and equipment. Explicit and Implicit Costs Fixed and Variable Costs Explicit Costs Implicit Costs Fixed Costs Variable Costs Abe Jefferson's former salary Martha Lincoln's salary Expenditures on workers Use of his own building Energy consumption Expenditures of materials Expenditures on equipment Money borrowed from bank Interest paid on borrowed money Insurance for his company Total costs 1. Complete the table by writing the correct dollar amount in either the explicit cost or implicit cost column, and also in either the fixed cost or variable cost column. 2. The sum of explicit and implicit costs is $_ This is the total cost of the firm. 3. The sum of fixed and variable costs is $_ . This also is the total cost of the firm. 4. If Abe's total revenue from selling his desks was $1,500,000, his economic profit was S , his accounting profit was $_