After graduation, you face a choice. One option is to work for a multinational consulting firm and earn a starting salary (benefits included) of $40,000. The other option is to use $5,000 in savings to start your own consulting firm. You could earn an interest return of 6 percent on your savings. You choose to start your own consulting firm. At the end of the first year, you add up all of your expenses and revenues. Your total includes $9,000 in rent, $900 in office supplies, $18,000 for office staff, and $4,500 in telephone expenses. What are your total explicit cost and total implicit costs?

How is a federal loan different from a private loan for an education? a federal loan is available for any student who meets the government's lending standards. a private loan is only available for students who show a need. a federal loan is only available for students who show a need. a private loan is available for any student who meets the bank's lending standards. a federal loan can only be used to pay for a student's tuition. a private loan can be used to pay for a student's tuition and any other expenses. a federal loan can be used to pay for a student's tuition and any other expenses. a private loan can only be used to pay for a student's tuition.