1. Definition of economic costs Darnell lives in Miami and runs a business that sells pianos. In an average year, he receives $701,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $420,000; he also pays wages and utility bills totaling $247,000. He owns his showroom; if he chooses to rent it out, he will receive $9,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Darnell does not operate this piano business, he can work as a financial advisor, receive an annual salary of $32,000 with no additional monetary costs, and rent out his showroom at the $9,000 per year rate. No other costs are incurred in running this piano business. Identify each of Darnel's costs in the following table as either an implicit cost of an explicit cost of selling planos. Implicit Cost Explicit Cost The wages and utility bills that Darnell pays 0 The rental income Darnell could receive if he chose to rent out his showroom OO The salary Darnell could earn if he worked as a financial advisor o The wholesale cost for the planes that Darnell pays the manufacturer Complete the following table by determining Darnell's accounting and economic profit of his piano business. Profit (Dollars) Accounting Profit Economic Profit Grade It Now Save & Continue