1. Definition of economic costs Jacques lives in Houston and operates a small company selling scooters. On average, he receives $702,000 per year from selling scooters. Out of thls revenue from sales, he must pay the manufacturer a wholesale cost of $402,000. He also pays several utility companies, as well as his employees wages totaling $279,000. He owns the building that houses his storefront, it he choose to rent it out, he would receive a yearly amount of $8,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Jacques does not operate the scooter business, he can work as a programmer and earn a yearly salary of $20,000 with no additional monetary costs, and rent out his storefront at the $8,000 per year rate. There are no other costs faced by Jacques in running this scooter company. Identify each of lacques's costs in the following table as either an implicit cost or an explicit cost of selling scooters. Complete the following table by determining Jacques's accounting and economic profit of his scooter business 1. Definition of economic costs Jacques lives in Houston and operates a small company selling scooters. On average, he receives $702,000 per year from selling scooters. Out of thls revenue from sales, he must pay the manufacturer a wholesale cost of $402,000. He also pays several utility companies, as well as his employees wages totaling $279,000. He owns the building that houses his storefront, it he choose to rent it out, he would receive a yearly amount of $8,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Jacques does not operate the scooter business, he can work as a programmer and earn a yearly salary of $20,000 with no additional monetary costs, and rent out his storefront at the $8,000 per year rate. There are no other costs faced by Jacques in running this scooter company. Identify each of lacques's costs in the following table as either an implicit cost or an explicit cost of selling scooters. Complete the following table by determining Jacques's accounting and economic profit of his scooter business