trewiggles3027 trewiggles3027

09-12-2022
SAT

Answered

Use the following information to answer the next question.
Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or forgone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10% interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 each. Of the $75, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building.
The explicit costs of Harvey's firm in the first year were
$655,000.
$825,000.
$605,000.
$150,000.

Answer :

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