This year, a Food Pantry spent $200,000 on food costs, $20,000 on utilities, and $50,000 on wages of workers. The building where the Food Pantry operates was donated to the Pantry, and the donation specified that the building could only be used for the operation of the Pantry. The Executive Director of the pantry volunteers their time to the Pantry; they could be earning $60,000 per year in a different position. A nearby business made an offer to the Pantry to rent out the Pantry's building for $100,000 per year. What are the Food Pantry's explicit costs and total costs (explicit costs plus implicit costs) for this year?

Answer rating: 100% (QA)

To determine the Food Pantrys explicit costs we sum up all the actual monetary expenditures incurred ... View the full answer