Hans used to earn $40,000 a year, selling real estate, but he now sells greeting cards.

The return to entrepreneurship in the greeting cards industry is $22,000 a year.

Over the year, Hans bought $11,000 worth of cards from manufacturers of greeting cards and sold these cards for $56,000.

Hans rents a shop for $9,000 a year and spends $1,000 on utilities and office expenses.

Hans owns a cash register, which he bought for $2,300 with the funds from his savings account. The bank pays 2 percent a year on savings accounts.

At the end of the year, Hans was offered $1,500 for his cash register.

Hans has explicit costs of __________dollars

Hans has implicit costs of ___dollars

Hans has an economic profit of _______ dollars