Question

Suppose you own a yard care business. You have a flatbed truck, mowers, and other equipment. You are also the primary employee. Which of the following should be included to calculate your economic profit Choose one or more: A. The implicit cost of using your inputs, such as the rental income you would receive by renting your flatbed truck. B. The foregone cost of your time that would have been spent working elsewhere. C. The cost of variable inputs such as gas for your mower.

Name: suppose you own a yard care business you have a flatbed truck mowers and other equipment you are also the primary employee which of the following should be included to calculate your economi 22753
Uploaded: 2022-05-18T06:18:58-08:00
Duration: 2 min 36 s
Channel: Juan Nicolás
Description: suppose you own a yard care business you have a flatbed truck mowers and other equipment you are also the primary employee which of the following should be included to calculate your economi 22753

          Suppose you own a yard care business. You have a flatbed truck, mowers, and other equipment. You are also the
primary employee.
Which of the following should be included to calculate your economic profit
Choose one or more:
A. The implicit cost of using your inputs, such as the rental income you would receive by
renting your flatbed truck.
B. The foregone cost of your time that would have been spent working elsewhere.
C. The cost of variable inputs such as gas for your mower.

suppose you own a yard care business you have a flatbed truck mowers and other equipment you are also the primary employee which of the following should be included to calculate your economi 22753

Added by Cody W.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Juan Nicolás

05/18/2022

Step 1

Explicit costs are the direct, out-of-pocket expenses, while implicit costs represent the opportunity costs of using resources that the firm already owns. Show more…

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Suppose you own a yard care business. You have a flatbed truck, mowers, and other equipment. You are also the primary employee. Which of the following should be included to calculate your economic profit Choose one or more: A. The implicit cost of using your inputs, such as the rental income you would receive by renting your flatbed truck. B. The foregone cost of your time that would have been spent working elsewhere. C. The cost of variable inputs such as gas for your mower.