Economics Micoroeconomies question?
Sarah’s accountant tells her that she made a profit of $43,002 running a pottery studio in Orlando. Sarah’s husband-an economist-claims Sarah lost $43,002 running her pottery studio. This means her husband is claiming that she incurred_____in_____costs.
A) $86,004; implicit
B) $43,002; implicit
C) $43,002; explicit
D) $86,004; explicit
B
I think sarah’s husbands talking about Sarah’s opportunity cost of running the studio.
Unlike accounting, economists count in both explicit (the amount of money) and implicit (the amount of time, etc) when calculating profit.
So because we cant give time a cardinal (numerical) value, her husband just substituted sarah’s profit and assumed that her time of running the studio was $43,002. Which she could have spent on doing something else (opportunity cost)
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