Question: Penelope has recently started a printing business in Duluth. She had to pay a fee to obtain a trade license from the Minnesota government and took a loan from the local bank to purchase inkjet printers, laser printers, and screen printers. She employs 20 workers who are paid a wage of $30 per hour. She is also a trained ballet dancer who used to earn an average of $50,000 a year. Penelope's implicit cost of running the business is:
- the fee paid to the government.
- the interest she has to pay on the loan.
- the amount she used to earn as a ballet dancer.
- $72,000 per annum.