Question
Suppose that a small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel; $40,000 on seed, fertilizer,
Suppose that a small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel; $40,000 on seed, fertilizer, and pesticides; and $25,000 on equipment, including maintenance. The family members could have earned $20,000 working at other occupations.
Let's apply this to our family farm scenario. Under what circumstances might the family farm earn implicit revenue?
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E-Commerce 2013 Business Technology Society
Authors: Ken Laudon, Kenneth C Laudon
9th Edition
0132730359, 978-0132730358
