[All Steps] The following is cost information for the Crisp Donut Company: Entrepreneur’s potential earnings as a salaried worker $ 50,000; Annual lease on
Question: The following is cost information for the Crisp Donut Company: Entrepreneur’s potential earnings as a salaried worker $ 50,000; Annual lease on building $ 22,000;
Annual revenue from operations = $ 380,000; Payments to workers $ 120,000;
Utilities costs = $ 8,000; Value of entrepreneur’s talent = $ 80,000;
Entrepreneur’s forgone interest on personal funds used to finance the business = $6,000.
- Determine the explicit costs?
- Determine the implicit costs?
- Determine accounting profit?
- Determine total economic costs?
- Determine economic profit?
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