Consider the following example:Jordan currently works for a corporate law firm. She is considering opening her own independent legal practice, where she expects to earn$300,000 per year once she gets established. To run her own firm, she willI have to give up her current job with a salary of $165,000 and will incurthe following annual expenses:Rent22,490Salary-Legal AssistantComputer Software LicenseOffice Supplies21,830120800Internet Subscription1,750How much are Jordan's explicit costs?NumberHow much is Jordan's accounting profit? NumberHow much are Jordan's implicit costs? NumberHow much is Jordan's economic profit? NumberAssume Jordan values her leisure time at $80/hour, and starting her own firm would require her to put in 15 more hours than at the corporate firm:What is the change in Jordan's explicit costs? NumberWhat is the change in Jordan's implicit costs? Number

Note:- As per the honor code, we can only answer upto three subparts, we'll answer the first one.…

Consider the following example: Jordan currently works for a corporate law firm. She is considering opening her own independent legal practice, where she expects to earn $300,000 per year once she gets established. To run her own firm, she will have to give up her current job with a salary of $165,000 and will incur the following annual expenses: 22,490 21,830 Rent Salary-Legal Assistant Computer Software License Office Supplies Internet Subscription 120 800 1,750 How much are Jordan's explicit costs? Number How much is Jordan's accounting profit? Number How much are Jordan's implicit costs? Number How much is Jordan's economic profit? Number Assume Jordan values her leisure time at $80/hour, and starting her own firm would require her to put in 15 more hours than at the corporate firm: What is the change in Jordan's explicit costs? Number Number What is the change in Jordan's implicit costs?

Consider the following example: Jordan currently works for a corporate law firm. She is considering opening her own independent legal practice, where she expects to earn $300,000 per year once she gets established. To run her own firm, she will have to give up her current job with a salary of $165,000 and will incur the following annual expenses: 22,490 21,830 Rent Salary-Legal Assistant Computer Software License Office Supplies Internet Subscription 120 800 1,750 How much are Jordan's explicit costs? Number How much is Jordan's accounting profit? Number How much are Jordan's implicit costs? Number How much is Jordan's economic profit? Number Assume Jordan values her leisure time at $80/hour, and starting her own firm would require her to put in 15 more hours than at the corporate firm: What is the change in Jordan's explicit costs? Number Number What is the change in Jordan's implicit costs?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter13: best-practice Tactics: Game Theory

Section: Chapter Questions

Problem 14E

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