8. After working as a head chef for years, Lionel gave up his $60,000 salary to open his own restaurant last year. He withdrew $50,000 of his own savings that had been earning 4% interest and borrowed another $100,000 from the bank at a rate of 5%. As the restaurant he was leasing had no separate office, Lionel converted his basement apartment into an office space. He had previously rented the apartment to a student for $300 a month. The following data summarizes his operations for the last year. Total Sales Revenue $590,000 5 Employee Wages $120,000 Materials $350,000 Interest on Loan $5,000 Utilities $10,000 Rent $25,000 What is Lionel's Accounting Profit? Show All Work. What is Lionel's Economic Profit? Show All Work. Given what you know about the markets for restaurants, the demand for restaurant meals and Lionel's bottom line for last year, should he stay? Should he go? What advice would you give him moving forward in 2023?