Question: A woman managing a photocopying establishment for $25000 per year decides to open her own duplicating place. Her revenue during the first year of operation is $120,000 and her expenses are as follows:

Salaries to hired help $45,000

Supplies $15,000

Rent $10,000

Utilities $1,000

Interest $10,000

Calculate (a) the explicit cost, (b) the implicit cost, (c) the business profit, (d) the economic profit and (e) the normal return on investment in this business.