Alex lives in Chicago and operates a small company selling bikes. On average, he receives $723,000 per year from selling bikes. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $423,000. He also pays several utility companies, as well as his employees wages totaling $258,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $5,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Alex does not operate the bike business, he can work as a blogger and earn a yearly salary of $44,000 with no additional monetary costs, and rent out his storefront at the $5,000 per year rate. There are no other costs faced by Alex in running this bike company. Identify each of Alex's costs in the following table as either an implicit cost or an explicit cost of selling bikes. Implicit Cost Explicit Cost The wages that Alex pays O O The wholesale cost for the bikes that Alex pays the manufacturer O O The salary Alex could earn if he worked as a blogger O O The rental income Alex could receive if he chose to rent out his showroom O O Complete the following table by determining Alex's accounting and economic profit of his bike business. Profit (Dollars) Accounting Profit Economic Profit