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The table below provides the total revenues and costs for a small landscaping company in a recent ...

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The table below provides the total revenues and costs for a small landscaping company in a recent ...

The table below provides the total revenues and costs for a small landscaping company in a recent year.

Total Revenues ($)	250 000

Total Costs ($)
- wages and salaries	150 000
- risk-free return of 2% on owner's capital of $20 000	400
- interest on bank loan	1500
- cost of supplies	27 000
- depreciation of capital equipment	8000
- additional wages the owner could have earned in next best alternative	30 000
- risk premium of 4% on owner's capital of $20 000	800

TABLE 7-2

Refer to Table 7-2. The implicit costs for this firm are

▸ $31 200.

▸ $800.

▸ $30 400.

▸ $30 800.

▸ $400.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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