1. Definition of economic costs Charles lives in Denver and operates a small company selling drones. On average, he receives $?12,000 per year from selling drones. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $412,000. He also pays several utility companies, as well as his employees wages totaling $269,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $1,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Charles does not operate the drone business, he can work as a nurse and earn a yearly salary of $21,000 with no additional monetary costs, and rent out his storefront at the $1,000 per year rate. There are no other costs faced by Charles in running this drone company. identify each of Charles's costs in the following table as either an implicit cost or an explicit cost of selling drones. Implicit Cost Explicit Cost "he wages that Charles pays 0 0 "he salary Charles could earn if he worked as a nurse 0 0 "he wholesale cost for the drones that Charles pays the manufacturer O O "he rental income Charles could receive if he chose to rent out his showroom O Q Complete the following table by determining Charles's accounting and economic profit of his drone business. Profit (Dollars) Accounting Profit Economic Profit