1. Definition of economic costs Charles lives in Miami and runs a business that sells pianos. In an average year, he receives $851,000 from selling pianos. operate this piano business, he can work as an accountant, receive an annual salary of $34,000 with no additional monetary showroom at the $71,000 per year rate. No other costs are incurred in running this piano business. Identify each of Charles's costs in the following table as either an implicit cost or an explicit cost of selling pianos. Complete the following table by determining Charles's accounting and economic profit of his piano business. 1. Definition of economic costs Charles lives in Miami and runs a business that sells pianos. In an average year, he receives $851,000 from selling pianos. operate this piano business, he can work as an accountant, receive an annual salary of $34,000 with no additional monetary showroom at the $71,000 per year rate. No other costs are incurred in running this piano business. Identify each of Charles's costs in the following table as either an implicit cost or an explicit cost of selling pianos. Complete the following table by determining Charles's accounting and economic profit of his piano business