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Situation 22-4Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 ...

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Situation 22-4Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 ...

Situation 22-4

Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 in total revenues and paid $125,000 to his employees and suppliers. During the course of the year, he received three offers to work for other barbers, with the highest offer being $50,000 per year.

Refer to Situation 22-4. What are Joe's implicit costs?

▸

$150,000

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$175,000

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$35,000

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$200,000

▸

$50,000

Textbook

Economics

Edition: 12^th

Author: Arnold

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