1. The Irvine Company owns most of the land and retail locations within the boundaries of Irvine, California. If it leases all of its property for retail and agricultural use, the company's annual revenue is $20 million dollars. Last year, Irvine Company paid $3 million in wages to leasing agents, custodians, and workers to build and maintain retail locations, and paid $2 million for construction materials. The company could instead choose to lease its properties only to state and local government agencies for public use and receive $7 million in annual revenue. A. What was the accounting profit for the Irvine Company last year? 13 million B. What was the economic profit for the Irvine Company last year? 8 million C. How much did the company pay in variable costs? D. A seasonal store like Spirit Halloween does not pay the Irvine Company for a full year retail property lease, but the Irvine Company is happy to lease to Spirit Halloween when there are empty retail locations in Irvine. Considering the concepts of fixed costs, marginal costs and economic profit, why does it make sense to lease to a seasonal store for just 2 months out of the year