A young 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 move into a building that he owns and currently rents to his brother for $6,000 a year. His estimated expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. The chef's explicit costs are equal to

$52,000

Explanation:

Given that,

Salary from the current job = $20,000

Rent = $6,000 a year

Food expenses at sushi bar = $50,000

Gas and electricity expense at sushi bar = $2,000

The explicit cost is defined as the cost incurred by the firms for operating or running the business activities.

Therefore, the explicit cost is calculated as follows:

= Food expenses at sushi bar + Gas and electricity expense at sushi bar

= $50,000 + $2,000

= $52,000

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; balance sheets;