1. Cost and prot Tim lives in Dallas and runs a business that sells pianos. In an average year, he receives $F93,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $430,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $15,000 in rent per 1wear. Assume that the value of this showroom does not depreciate over the year. Also, if Tlrn does not operate this piano business, he can work as a nancial advisor and receive an annual salary of $50,000 with no additional monetary costs. No other costs are incurred in running this piano business. identir each of Tim's costs in the following tabie as either an impiicit cost or an explicit cost of selling pianos. Implicit Cost Explicit Cost The salary Tirn could earn if he worked as a nancial advisor Q C) The wholesale cost for the pianos that Tim pays the manufacturer O O The wages and utility bills that Tim pays C) O O O The rental income Tim could receive if he chose to rent out his showroom \fAccounting Prot : Economic Prot : Altematiuelv, the economic prot he would earn as . should not IfTIm's goal is to maximize his economic prot, he Y staz.r in the piano business