Jill took $50 comma 000 that she had in savings and started her own business. if left in investments she would have earned $5 comma 000 this year. jill also left a job that paid her $60 comma 000 a year and plans on paying herself $40 comma 000. materials and other labor costs will be $70 comma 000. the company is located in a building that jill owns. she could have rented the building out for $30 comma 000 but plans on charging the company only the insurance and mortgage payment of $20 comma 000. what do the accounting and economic costs equal

accounting cost: 130,000

economic cost:   185,000

Explanation:

accounting cost: explicit cost of the business

Jill salary                                            40,000

other material and labor cost           70,000

insurance and mortgage payment   20,000

total accounting cost                       130,000

Economic cost: explicit cost + implicit cost whic are, the opportunity cost of the factors. cost of the best rejected option

accounting cost:   130,000

labor opportunity cost:  20,000

difference in salaries between Jill current wage and rejected labor

capital opportunity cost:   5,000 interest on saving

rent opportunity cost: 30,000

it would have receive 30,000 while currently receives 0.

total opportunity cost: 55,000

economic cost: 130,000 + 55,000 = 185,000

administrative jobs normally have someone answering phone calls and scheduling appointments, filing patient or customer information, making sure the front of the office looks nice to those who enter the building. administrative jobs can also include making sure the manager has everything they need for meetings, making delivers and much more. administrative jobs are important to most businesses as are customer service focused as they are often one of the first impressions a consumer sees of a business.