Clancy lives in Miami and operates a small company selling scooters. On average, he receives $778,000 per year from selling scooters. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $462,000. He also pays several utility companies, as well as his employees wages totaling $257,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $12,00 rent. Assume there is no depreciation in the value of his property over the year. Further, if Clancy does not operate the scooter business, he can w as a blogger and earn a yearly salary of $50,000 with no additional monetary costs, and rent out his storefront at the $12,000 per year rate. Ther are no other costs faced by Clancy in running this scooter company. Identify each of Clancy's costs in the following table as either an implicit cost or an explicit cost of selling scooters. Implicit Cost Explicit Cost The wholesale cost for the scooters that Clancy pays the manufacturer O O The salary Clancy could earn if he worked as a blogger O O The rental income Clancy could receive if he chose to rent out his showroom O O The wages that Clancy pays O O