ECONOMICS 2302 Topic 8 Production Assignment.

opic 8 – Production Assignment 1 1. Which of the following is an implicit cost of owning and operating a farm? The money a farmer could earn by working for someone else 2. Barney decides to quit his job as a corporate accountant, which pays $10,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $300 a month if he wasn’t using it as a home office. He must purchase office supplies worth $75 a month, and his monthly electricity bill has increased by $50 now that he is working out of his home office. After six months of working from home, Barney has earned an average of $12,000 per month. Instructions: Enter your answers as a whole number. a. What are Barney’s monthly explicit costs? 125 b. What are Barney’s monthly implicit costs? 10,300 c. What are Barney’s monthly