Gino, a programmer, earned $$50,000$ in $2018,$ but in $2019,$ he opened a body board manufacturing business. After one year, he submitted the data on the right to his accountant.

What are Gino's explicit costs, implicit costs, and economic profit in $2019?$

Gino's explicit costs are and implicit costs are

A$.$ $$84,500$;$$53,000$

B$.$ $$44,000$;$$84,500$

C$.$ $$75,500$;$$44,000$

D$.$ $$53,000$;$$84,500$

E$.$ $$44,000$;$$75,500$

Gino's economic profit is

A$.$ $$130,500$

B$.$ $$206,000$

C$.$ $$30,000$

D$.$ $$174,500$

E$.$ $$119,500$

Question Facts

i$.$ He stopped renting out his cottage for $$3,500$ a year and used it as his factory. The market value of the cottage increased from $$85,000$ to $$94,000.$

ii He spent $$20,000$ on materials, phone, utilities, etc.

iii He leased machines for $$13,000$ a year.

iv He paid $$10,000$ in wages.

v He used $$20,000$ from his savings account, which pays $5$ percent a year interest.

vi He borrowed $$10,000$ at $10$ percent a year from the bank.

vii He sold $$250,000$ worth of body boards.

viii Normal profit is $$30,000$ a year.