During a year of operation, a firm collects $550,000 in revenue and spends $200,000 on

labor expense, raw materials, rent, and utilities. The firm's owner has provided $250,000

of her own money instead of investing the money and earning an 8% annual rate of return.

i).The opportunity cost of the owner's equity capital is $_______________.

ii).The explicit costs of using market-supplied resources are $______________. Total

economic cost is $______________.

iii).The firm earns economic profit of $______________.

iv).The firm's accounting profit is $______________.