Last year Christine worked as a consultant. She hired an administrative assistant for $15,500 per year and rented office space (utilities included) for $2,900 per month. Her total revenue for the year was $110,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $45,000 a year.
Last year, Christine's explicit costs were _____, and her implicit costs were _____.
Multiple Choice
$18,400; $47,900
$34,800; $155,000
$50,300; $45,000
$15,500; $45,000