Answered step by step
Verified Expert Solution
Question
1 Approved Answer
your uncle is thinking about opening a bookstore. he estimates that it would cost $60,000 per year to rent the store and another $30,000 on
your uncle is thinking about opening a bookstore. he estimates that it would cost $60,000 per year to rent the store and another $30,000 on other expenses. In order to be an entrepreneur, he owuld have to quit his job as an economics lecturers that earnes him $200,000 per year. If your uncle thinks he could sell $250,000 worth of books per year, should he open the store if he is rational? Why, or why not? Explain your answer with reference to (a) relevant principle(s) of economics.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started