In the first year, the entrepreneur pays themselves a salary of \$50,000. If the entrepreneur could have earned 8% interest by investing their funds elsewhere and could have earned a wage of \$40,000 in an alternative job, how much will the economist's calculation of the firm's first-year costs exceed the accountant's calculation?
What conclusion can be drawn regarding the price elasticity of demand for the firm's product?
What will be the government's weekly tax revenue?
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