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generated $ 50,000 in revenue during its first year of operations.

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JV, Inc. generated $ 50,000 in revenue during its first year of operations. During that period he paid $ 25,000 in raw material, $ 5,000 in water, electricity and

phone, $ 10,000 for rent. The owner is the one who manages his business and I received a salary of $ 20,000 before resigning and establishing your business.

(a) Determine the explicit costs.

(b) Determine the implicit costs.

(c) Determine the historical gain.

(d) Determine the economic gain.

Top Answer

An explicit cost is an expense that has occurred. These are the costs that are incurred during business operations. These are... View the full answer

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