A farmer obtains $17,000 from the sale of his crop; his expenses, including taxes, are $4,000. His farm would sell for $50,000. He could obtain a job in a local feed mill at $10,000 a year, if he wished. Determine his business profits, the implicit cost elements in his business profits, and his pure profit, if any. Use a figure of 4 percent as a real rate of return.