. (a) John operates a variety store that provides an annual revenue of $480,000. Each year, he pays $25,000 in rent forthe store, $15,000 in business taxes and $350,000 on products to sell. He estimates that the $80,000 which he has personally invested in the business from his savings could have brought him 20% interest if invested in government bonds. He also estimates that he and his family could earn a total annual wage of $90,000 if they worked somewhere other than the store. (i). Calculate the total explicit cost and total implicit cost of running the variety store. [3] (ii). What is the accounting profit and the economic profit made by the variety store? [3] iii). Explain why the economic profit is considered as being superior to the accounting profit as an indicator of the overall performance of this business. [4]