Pat Used to Work as an Aerobics Instructor at the Local

question 88

Multiple Choice

Pat used to work as an aerobics instructor at the local gym earning $35,000 a year.Pat quit that job and started working as a personal trainer.Pat makes $50,000 in total annual revenue.Pat's only out-of-pocket costs are $12,000 per year for rent and utilities,$1,000 per year for advertising and $3,000 per year for equipment.
Refer to the information given above.Pat's explicit cost is _____ and Pat's implicit cost is ______.

• A)$16,000;$51,000
• B)$15,000;$36,000
• C)$16,000;$35,000
• D)$35,000;$16,000

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Definitions:

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