Calculate the monthly implicit costs for a business owner who devotes 200 hours per month to his business that could be spent working at $50/hour for someone else.

Implicit cost = $10,000

Explanation:

Implicit cost is the opportunity cost of using resources a business already owns.

This business owner passes this income by being in a business for himself

200 hours per month multiplied by $50/hour

200 x 50

= 10000

Implicit cost = $10,000

answer; work samples;

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%