Jeremy Is the Owner of a Makeup Parlor That Earns

question 169

Multiple Choice

Jeremy is the owner of a makeup parlor that earns zero economic profit.Last year,his total revenue was $145,000,his rent was $12,000,his labor costs were $65,000,and his overhead expenses were $15,000.From this information,we know that his total implicit costs were

• A) $145,000.
• B) $53,000.
• C) $92,000.
• D) $65.000.
• E) $15,000.

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Definitions:

Household Income

The combined gross income of all members of a household, considered together for the purposes of tax and welfare.

Annual Income

The total amount of money earned by an individual or entity within a calendar year, from all sources including wages, investments, and bonuses.

Income Distribution

The way in which total income is shared among the members of a society.