1. The following is the cost of Mr. Rogers farm in Illinois. Total Revenue: $280,000 in the year 2018.

Cost	$ Amount	Fixed Cost	Variable Cost	Explicit Cost	Implicit Cost
Materials	$45,000
Labor	$160,000
VOT	$75,000
Rental Equipment	$3,500
Insurance	$2000
License Fees	$2000
Counselling Service	$12,000
Advertising fee	$500
Total Cost

*** VOT = Value of owner's time

Do complete analyzes of his business and Find the results of accounting and economic profits of the farm. Make sure to fill out the table. Explain your findings and provide

any recommendation you may have to Mr. Rogers?

Answer rating: 100% (QA)

Here is the analysis of Mr Rogers farm Accounting Profit Total Revenue 280000 Total Explicit Cost 45... View the full answer