Sheena quit her job teaching art at the high school and is now an artist who operates an art studio where she produces and sells art. She earned a salary of $50,673 as a teacher. She took out $100,000 in savings that she had been earning 4% interest on. Her rent for the studio is $20,000, she spends $40,000 on supplies and $8,754 on utilities. Whether she is a teacher or an artist she spends $2,000 on clothing each year. What is her total cost (both explicit costs and opportunity cost) of being an artist? Your Answer: Answer units

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