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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 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 are his implicit costs? \( \$ 26,000 \) \( \$ 66,000 \) \( \$ 78,000 \) \( \$ 52,000 \)

Ask by Pope Cummings. in the United States
Mar 14,2025

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The chef's implicit costs are \$26,000.

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The young chef's implicit costs consist of the forgone income from his current job and the rental income he would lose by not renting the store building. He is giving up \( \$ 20,000 \) from his job and \( \$ 6,000 \) from the rental income, totaling \( \$ 26,000 \) in implicit costs. Thus, the correct answer is \( \$ 26,000 \).

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