2. Definition of economic costs Kenji lives in San Francisco and runs a business that sells boats. In an average year, he receives $722,000 from selling boats. Of this sales revel he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if h: chooses to rent it out, he will receive $2,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, i does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and ren his showroom at the $2,000 per year rate. No other costs are incurred in running this boat business. Identify each of Kenji's costs in the following table as either an implicit cost or an explicit cost of selling boats. Implicit Cost Explicit Cost The rental income Kenji could receive if he chose to rent out his showroom O O The wages and utility bills that Kenji pays The salary Kenji could earn if he worked as a paralegal 000 000 The wholesale cost for the boats that Kenji pays the manufacturer Complete the following table by determining Kenji's accounting and economic prot of his boat business. Profit (Dollars) Accounting Profit :] Economic Prot :]