1. The cost that does not need a monetary payment is the implicit cost.
2. The cost of running the restaurant is $400,000.
1.
Implicit cost is normally:
Therefore rest of the given costs should involve monetary payments.
2. The cost of running the restaurant is as follows:
= Employee payment + ingredients cost + lawyer earnings
= $200,000 + $50,000 + $150,000
= $400,000
Therefore we can conclude that
1. The cost that does not need a monetary payment is the implicit cost.
2. The cost of running the restaurant is $400,000.
Learn more about the opportunity cost here: brainly.com/question/13036997