2. Entrepreneur's potential earnings as a salaried worker =$40,000 Annual lease on building =$35,000 Annual revenue from operations =$450,000 Payments to workers =$150,000 Utilities (electricity, water, disposal) costs =$10,000 Value of entrepreneur's talent in the next best entrepreneurial activity =$70,000 Entrepreneur's forgone interest on personal funds used to finance the business =$8,000 a. Creamy Crisp's implicit costs, including a normal profit, are: 33,2000 b. Creamy Crisp's total economic costs are: 379060 c. Creamy Crisp's accounting profit is: 19 5ooo d. Creamy Crisp's economic profit is: 137000 e. Creamy Crisp's total revenues exceed its total costs, including a normal profit, by: 0 f. is earning an economic (profit/Loss): h088 g. What is the TR that makes the firm to earn a normal profit? 587000 3. Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. a. Diminishing marginal returns become evident with the addition of the 3id unit of labof b. The marginal product of the sixth worker is 15 unit c. Average product is at a maximum when 90 d. Graph the Total output, the Marginal and the average product of labor