Dolores used to work as a high school teacher for $40,000 per year but quit in order to start her own catering business. To invest in her factory, she withdrew $20,000 fromher savings, which paid 5 percent interest, and borrowed $30,000 from her uncle, whom she pays 4 percent interest per year. Last year she paid $25,000 for ingredients and had revenue of $60,000. She asked Louis the accountant and Greg the economist to calculate her profit for her.
Explicit cost- ?
Implicit cost-?
Accounting profit-?
Economic profit-?