Question: Joe quits his computer programmingjob, where he was earning a salary of $60,000 peryear, to start his own computer software business in a building that
Joe quits his computer programmingjob, where he was earning a salary of $60,000 peryear, to start his own computer software business in a building that he owns and was previously renting out for $30,000 per year. In his first year of business he has the followingexpenses: salary paid tohimself, $45,000; rent, $0; and otherexpenses, $40,000. Find the accounting cost and the economic cost associated withJoe's computer software business. (Enter numeric responses using an integer.)
The accounting cost ofJoe's business is $
nothing
. (Enter your response as an integer.)
The economic cost ofJoe's business is $
nothing
. (Enter your response as an integer.)
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