A Young Chef Is Considering Opening His Own Sushi Bar

question 96

Multiple Choice

A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a storage building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. The chef's implicit costs are equal to _____.​

• A)$26,000
• B)$66,000​
• C)$78,000​
• D)$52,000​
• E)$72,000​

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Definitions:

North America

A continent entirely within the Northern Hemisphere and almost all within the Western Hemisphere, including countries such as Canada, the United States, and Mexico.

Atlantic Slave Trade

The transatlantic trading of African slaves by European traders, mainly to the Americas from the 16th to 19th centuries, part of the global slave trade.

Rhode Island

The smallest U.S. state by area, located in the New England region, known for its sandy shores and maritime history.

Whale Oil

An oil obtained from the blubber of whales that was used historically as fuel for lamps, in soapmaking, and as a lubricant.