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Economics Questions:

Suppose a company incurs the following costs: labor, $700; equipment, $300; and…

Complete Question Text:

Suppose a company incurs the following costs: labor, $700; equipment, $300; and materials, $200. The company owns the building, so it doesn’t have to pay the usual $1,000 in rent.

Instructions: Enter your responses as a whole number.

(a) What is the total accounting cost?

$

(b) What is the total economic cost?

$

(c) If the company sold the building and then leased it back, what would be the new

(i) Accounting costs?

$

(ii) Economic costs?

$

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