During the winter months, Ralph works as a ski instructor at a local conservation area. During the rest of the year. Ralph is in charge of running various other activities (such as sports camps and hikes) at the park. He works 40/hrs per week, earning $20/hr throughout the whole year. Ralph also has $20,000 put away in a savings account that earns him 3% in annual interest.

Ralph would like to realize a childhood dream and open up his own Sports Camp Facility that runs throughout the entire year. Ralph uses the $20.000 in his savings account to start his business. Given his experience in the business, he has estimated his expected revenue and costs for the first year.

He expects sales to be $100,000 from the different sports camps and activities. It will cost him $20,000 to rent the facility for the year. The cost of the sports equipment is estimated to be $10,000 The wages paid to his employees win likely be $60,000.

What is Ralph's estimated economic profit? $

What is Ralph's estimated accounting profit? $