At the beginning of the year, a high school football coach decided to leave his job and give up his annual coaching salary of $65,000 and open his own sporting goods store. A partial income statement for follows:

Revenues
Revenue from sales of goods and services...	$300,000
Operating costs and expenses:
Cost of products and services sold.............	$150,000
Selling expenses.....................................	$10,000
Administrative expenses..........................	$20,000
Total operating costs and expenses.........	$180,000
Income from operations..............................	$120,000
Interest expense (bank loan).......................	$20,000
Non-recurring expenses to start business.......	$30,000
Net income...............................................	$70,000

To get the sporting goods store opened, the former coach used $80,000 of his personal savings. The coach opened his store in a building that he owns. Prior to opening his store, the building was rented for $31,000 per year. The coach could have earned 5 percent return by investing in stocks of other new businesses with risk levels similar to the risk level associated with his new sporting goods store.

1)The former high school coach incurs $_____ of total explicit costs for using market-supplied resources.

2)The opportunity cost of the owners equity capital is $_____ annually.

3)Total implicit cost of owner-supplied resources is $

4)Total economic cost is $_____.

5)Accounting profit is $_____

6)By how much did coachs wealth change by opening the sporting goods store?

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