Taylor used to work as a yoga instructor at the local gym earning $35,000 a year. Taylor quit that job and started working as a personal trainer. Taylor makes $50,000 in total annual revenue. Taylor's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment. Taylor's explicit costs are Multiple Choice $36,000; $15,000 $15,000; $36,000 $16,000; $35,000 $35,000; $16,000 and Taylor's implicit costs are
