A student decides to open her own business and earns $70,000 in accounting profit the first year. When deciding to open her own business, she withdrew $35,000 from her savings, which earned 4 percent interest, took over a building that she owns and was renting to her friend for $13,600 a year. She also turned down three separate job offers with annual salaries of $30,000, $40,000, and $45000. a. Determine the student's total implicit cost. b. What is the student's economic profit from running her own business?

Please explain detail calculations correctly otherwise