MindTap - Cengage Learning X + V X -> C A ng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966869&snapshotld=3545333& G ABP Marvin v K

MindTap - Cengage Learning ng.cengage.com/static/nb/ui/evo/index.html?elSBN C Marvin My Home Courses Catalog and Study Tools Rental Options College Success Tips Career Success Tips Help Give Feedback p Type here to search 14 CENGAGE MINDTAP Homework (Ch 1 3) 1. Definition of economic costs Hubert lives in San Francisco and operates a small company selling bikes. On average, he receives $833,000 per year from selling bikes. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $464,000. He also pays several utility companies, as well as his employees wages totaling $278,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $68,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Hubert does not operate the bike business, he can work as a programmer and earn a yearly salary of $34,000 with no additional monetary costs, and rent out his storefront at the $68,000 per year rate. There are no other costs faced by Hubert in running this bike company. Identify each of Hubert's costs in the following table as either an implicit cost or an explicit cost of selling bikes. Implicit Cost Explicit Cost Q Ram Search this course 9.39 AM 11/23/2023 A-Z The wages that Hubert pays The rental income Hubert could receive if he chose to rent out his showroom The salary Hubert could earn if he worked as a programmer The wholesale cost for the bikes that Hubert pays the manufacturer o o o o o o o o Complete the following table by determining Hubert's accounting and economic profit of his bike business. Profit (Dollars) Accounting Profit Economic Profit