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Business, 21.11.2019 01:31 brennarfa

Fay runs a hot dog cart at the sports stadium. fay has no skills, no job experience, and no alternative employment. entrepreneurs in the hot dog cart business earn $12,000 a year. fay pays the rent of $2,000 a year, and her total revenue is $15,000 a year. she borrowed $1,000 at 10 percent a year to buy equipment at the end of one year, fay was offered $600 for her business and all its equipment. a. fay's explicit costs? b. fays' implicit costs? c. fay's economic profit in first year is?

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