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Sheila's Sports Shop is a very popular sporting goods store, which has a yearly revenue of $600,000. Sheila runs the business herself.
Sheila's Sports Shop is a very popular sporting goods store, which has a yearly revenue of $600,000. Sheila runs the business herself. Her alternative employment options are to be a college swimming coach for $50,000 per year or a construction worker for $60,000 per year. Sheila spends $250,000 purchasing goods for resale to her customers. She also has four employees, who each earn $25,000 per year. Sheila owns the building that her Sports Shop is housed in and she could have rented it out for $40,000 per year.
4) Sheila's costs for resources that she bought in the market equal A) $70,000 per year.B) $200,000 per year.C) $330,000 per year.D) $350,000 per year.
5) Sheila's implicit costs for the resources that she supplies to the business equalA) $70,000 per year.B) $90,000 per year.C) $100,000 per year.D) $330,000 per year.
6) Sheila's economic profit is equal toA) $150,000 per year.B) $200,000 per year.C) $250,000 per year.D) $225,000 per year.
