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Rodriguez operates a variety store that provides an annual
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Rodriguez operates a variety store that provides an annual revenue of $500,000. Each year, he pays $30,000 in rent for the store, $20,000 in business taxes, and $350,000 on products to sell. He estimates he could put the $100,000 he has invested in the store into his friend's restaurant business instead and earn an annual 20% profit on his funds. He also estimates that he and his family could earn a total annual wage of $90,000 if they worked somewhere other than the store.Include a minus sign (-) in front of any negative values entered as a solution below.


a.  The total explicit costs of running the store are $.


    The total implicit costs of running the store are $.


b.  The accounting profit of the variety store is $.


    The economic profit of the variety store is $.


c. Rodriguez

(Click to select)shouldshould not

consider closing down this business because he is making a

(Click to select)positive accounting profitzero accounting profitnegative economic profit (i.e. an economic loss)negative accounting profit (i.e. an accounting loss)positive economic profit

.

 







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