Question: I'm not sure if I am doing this correctly please help. Please show the formulas and any calculations that you do I'm really confused. Thank

I'm not sure if I am doing this correctly please help. Please show the formulas and any calculations that you do I'm really confused. Thank you so much I really appreciate it!

I'm not sure if I am doing this correctly please help. Please

Samantha has been working for a law firm and earning an annual salary of $90,000. She decides to open her own practice. Her annual expenses were $15,000 for office rent, $1,700 for supplies, $800 for utilities, and a $30,000 salary for a secretary/bookkeeper. Samantha covered her start-up expenses by withdrawing $20,000 from her saving account on which she was earning annual interest of $500. (The $20,000 was spent on furniture and at the end of the year the furniture is still in the office, assuming there is no depreciation). Her practice generated $150,000 revenue in the first year. Show all your calculations A. Calculate Samantha's Implicit costs. (2 points) B. Calculate Samantha's explicit costs. (2 points) C. Calculate Samantha's Accounting costs. (2 points) D. Calculate Samantha's Economic costs. (2 points) E. Calculate Samantha's Economic profit. (2 points)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!