Ayoung chef is considering opening his own sushi bar. to do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. his expenses at the sushi bar would be $50,000, for food and $2,000 for gas and electricity. what is the sum of his implicit costs? a. $26,000 b. $66,000 c. $78,000 d. $52,000 e. $72,000

The correct answer is "a. $26,000".

Explanation: Implicit costs: Also known as opportunity costs have to do with alternative profit options, or money that we no longer receive when performing certain commercial actions.

A person incurs implicit costs when he waives an alternative action.

Implicit costs: $20000 + $6000 = $26000.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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