accounting profit, economic profit

REFER TO THE INFORMATION GIVEN BELOW FOR QUESTIONS 17 - 21 Mark , a landscaper, is planning to open his own landscaping company. He currently earns $30,000 per year working for his friend . He plans to use $10,000 of his savings to pay for the equipment he needs and borrow $20000 from the bank . The current interest rate is 5 percent . He has calculated that it will cost him $14000 in rent , $8,000 for utilities and $11,000 for an assistant per year to run his company. He plans to pay $20,000 for goods he will purchase from other firms. He assumes that the normal profit from setting the landscaping company near the pond surrounded by beautiful trees would have been $ 9000. Mark estimates that he could sell the equipment after use for around $ 24000 in the market. He expects to earn $160000 in one year time. His accountant predicts the depreciation rate , 5%. 17) What is the value of total explicit costs of the company? A) $84000 B) $54000 C) $64000 D)$74000 18) What are the total implicit costs to be incurred ? A) $40000 B) $39500 C) $45000 D) $45500 19) What are the total opportunity costs of the company ? A) $129000 B) $129500 C) $109000 D) $119500 20) What is the accounting profit of the landscaping company at the end of the period ? A) $76000 B) $75000 C) $74500 D) $76500 21) What is the economic profit of the company ? A) $31000 B) $51000 C) $30500 D) $ 40500