5. __________________ The restaurant space she was leasing had no separate ofce. She converted her basement apartment into ofce space. She had previously rented the apartment to a student for $200/month totaling $2,400 per year. The table summarizes his operations for the past year. Total sales revenue $550,000 Employee wages $100,000 Materials $320,000 Interest on loan $2,500 Utilities $8,000 Rent $20,000 Total explicit costs $450,500 6. What is Sue's accounting prot? 7. Find Sue's total implicit costs. 8. What was Sue's economic prot last year? Read the situation below and answer questions 1-8 in your post. Be sure to reply to 2 other student's posts. Sue decided to open up her own restaurant after working as a chef for years. Label each item as either a explicit cost or implicit costs (HINT: remember an implicit costs would mean there would have to be an opportunity cost) 1. _________________ She gave up her yearly $50,000 salary to open her own restaurant last year. 2. __________________ She withdrew $40,000 of her own savings that had been earning $1,500 in interest per year. 3. __________________ Sue values her entrepreneurial skill at $12,000 annually to run a similar type if business if she had not elected to open her own restaurant. 4. _________________ She borrowed $50,000 from the bank at a rate of 5% per yeah 5. __________________ The restaurant space she was leasing had no separate ofce. She converted her basement apartment into ofce space. She had previously rented the apartment to a student for $200/month totaling $2,400 per year