Can you please help #3 answer?

Unit 6: Apples to Apples: Production & Perfect Competition 6.2 Making That Money - Profits vs. Costs WORKSHEET 1. Consider the following information about Wally's Wagongs Revenue for one year = $50,000 Wages paid during the year = $20,000 Rent for one year = $5,000 Salary Wally could make managing a local restaurant = $22,000 Interest earned in a local bank on savings (the next best way to use his capital) = $1,250 i. What is Wally's accounting profit? SHOW YOUR WORK! Accounting profit = TR - explicit costs 50,000 - (20,000 + 5,000) = $25,000 ii. What is Wally's economic profit? SHOW YOUR WORK! . Economic profit = TR - explicit costs - implicit costs $1,750 = $50,000 - (20,000 + 5,000) - (22,000 + 1,250) 1. Peach's Peanut Butter Company sells 5,000 jars of peanut butter at a price of $5 per jar. Their explicit cost is $14,000. The owner's capital would earn $1,000 if invested elsewhere and the owner would earn $10,000 working somewhere else. Calculate each of the following. Show your work. b. Total revenue i. TR = $5 * 5000 = $25000 c. Implicit Costs IC = $1000 + $10000 = $11000 d. Accounting profit i. Accounting Profit = $25000 - $14000 = $11000 e. Economic profit i. Economic profit = $25000 - $14000 - $11000 = $0 3. What is another term for the economic profit earned by the company in #2 above? Explain what the firm's profit indicates about whether the owner should continue producing peanut butter