Accountants include costs as part of a firm's costs, while economists include costs. explicit and implicit; implicit explicit; explicit and implicit explicit; no explicit implicit; no implicit Which of the following is an example of something that economists would consider a cost but accountants would not? the cost of advertising the interest income foregone by the firm's owner because the owner invested funds into the firm the cost of materials and supplies purchased by a firm the salary that the firm actually pays to the firm's owner Joe runs a restaurant. He pays his employees $200,000 per year. His ingredients cost him $50,000 per year. Prior to running his restaurant. Joe was a lawyer earning $150,000 per year. What is Joe's economic cost? $150,000 $200,000 $250,000 $400,000 You own and are the only employee of a company that sets odds for sporting events. Last year your total revenue was $80,000. Your costs for rent and wages were $40,000. To start this business you quit your job as a nurse that could have earned you an income of $70,000 a year. Refer to Scenario 7.2. Your accounting profit last year was $10,000. $30,000. $40,000. $60,000 Refer to Scenario 7.2. Your economic profit last year was -$40,000. -$10,000. $10,000 0) -$30,000