Question: The following is cost information for the Crisp Donut Company: Entrepreneur’s potential earnings as a salaried worker $ 50,000; Annual lease on building $ 22,000;

Annual revenue from operations = $ 380,000; Payments to workers $ 120,000;

Utilities costs = $ 8,000; Value of entrepreneur’s talent = $ 80,000;

Entrepreneur’s forgone interest on personal funds used to finance the business = $6,000.

a) Determine the explicit costs?

b) Determine the implicit costs?

c) Determine accounting profit?

d) Determine total economic costs?

e) Determine economic profit?