You quit your job where you earned a year to start your own widget business. To start your business, you cashed in your investments of which earned you a year in interest. In the first year, you sold 10,000 widgets at per unit. Of that per unit, went towards production costs; materials, utilities, labor, marketing, packaging, lease payments, etc. Refer to the above information. Your implicit costs for the first year are?

 

 

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Lets break down the implicit costs more explicitly Implicit costs are the opportuni... View the full answer