A woman managing a photocopying establishment for $25,000 per year decides to open her own duplicating shop. Her revenue during the first year of operation is $120,000, and her expenses are as follows:

Employees salaries $45,000

Supplies $15,000

Rent $10,000

Utilities $ 1,000

Interest on bank loan$10,000

Calculate

i.the explicit and implicit costs

ii. the business profits and economic profits

iii. the normal return on investment for this business.