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Take a Test - YUIA ZHAD - Google Chrome Secure https://www.math.com/StudentPlayer Test spitestid 182773396&certwileys; Econ 312 Summer 2018 YUA HD 2 20 Quiz: Chapter 7 Quiz This Question: 1 pt Tume 31 of 9 (9 compete This Quie: 10 William a journeyman carpenter with an associate's degree in civil engineering had been det e ntorb a chor. As a sal employed subcontractor, W incur an costs of 20000 per year What is William's economic cost? His economic cost is S 33475 per year fround your answer to the nearest penny)

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Ans

Economic cost means explicit cost as well as implicit costs and involves OPPUTUNITY cost also. So cost is 33475+28500=61975

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