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William, a
journeyman carpenter with an associate’s degree in
civil engineering, had been
making


$
35
comma 000
35,000

per
year as a carpenter for a building contractor. As a
self-employed subcontractor, William
incurred explicit costs of


$
285
comma 000
285,000

per
year.



What is William’s
economic cost?


His economic cost is


$
nothing

per
year.

(round your answer to
the nearest penny)