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Question Facts In 2016 Max taught music and earned $40,000 On January 1, 2017, he quit teaching and started a Web site design business, Use the question facts to calculate Max's opportunity cost of production and economic profit in the first year A. $72,650 OB. $73,000 OC. $5,000 OD. $70,650 Max's economic profit in the first year is O A. $25,000 OB. $53,000 C. S-17,650 OD S-15,650 1. Max stopped renting out his basement for $5,000 a year and used it as his business office instead 2 He paid $1,000 for the lease of a Web server and $1,000 for high-speed Internet service. 3. He earned interest at 5 percent a year on his savings account balance He took $3,000 from his savings account to buy a computer 4. At the end of 2017. Max could have sold his computer for $2.500 5. He received a total revenue of $55,000 from his Web site design business 6. Normal profit is $25,000 a year