An accounting professor is considering opening his own consulting firm. To do so, he would have to quit his current job, which pays $125,000 a year, and take over a building that he owns and currently rents to his friend for $15,000 a year. His expenses at the firm would be $80,500 for employee salaries, $5,500 for insurance, $3,500 for utilities, and $10,500 for supplies. He anticipates annual revenues of $250,000. Determine:

1. The explicit costs

2. The implicit costs

3. The total opportunity costs

4. The Accounting profit

5. The Economic Profit