Answer both parts a) and b):Thomas quit his job at Tri-City bank where he earned $50,000 a year to start his own business, a bank marketing company. He already owned office space and was renting it out for $1,000 per month. Thomas had to forgo this rental income in order to give his business this space. In the first year, the firm earned revenue of $250,000. His costs for supplies were $20,000 and employee salaries were $80,000.

a. How much were Thomas' implicit costs for the year?

b. How much were Thomas' explicit costs for the year?