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Joe Is Self-Employed in a Store That Has a Rental

question 9

Multiple Choice

Joe is self-employed in a store that has a rental value of $500 a month which he pays, but he can vacate the building without giving notice. His other expenses are $100 a month for maintenance. He makes $25,000 a year on net sales (total revenue minus the wholesale cost of the product) . If he quit his job and worked the same number of hours elsewhere at a job he liked equally well, he estimates that he could make $20,000 a year. No one else can be hired to work in the store. Suppose that Joe had a long term lease which requires him to pay the rent even if he doesn't operate the store. What should Joe do?

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Definitions:

Marginal Cost

The financial outlay required to produce one more unit of a product or service.

Public Good

A good that is non-excludable and non-rivalrous, meaning it can be used by many people without depleting its availability to others.

Private Goods

Goods that are both excludable and rival in consumption, meaning only paying customers can use them and one person's use diminishes others' ability to use them.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available to all without depletion from use by others.