Jaafar is a medical doctor who currently earns an annual salary of $100,000. He is considering abandoning his medical practice to start a new organic farming business harvesting cherries, apples, and peaches. Based on Jaafar's own assessment of his farm's potential, he can generate about $225,000 in revenues in the first year. Jaafar's annual overhead costs and operating expenses amount to $145,000. Jaafar expects his new farming venture to be profitable.

a) If Jaafar decides to become a farmer, what will be his accounting costs, implicit costs, opportunity costs, accounting profits, and economic profits during the first year of operation?

b) Suppose the farmer unexpectedly has a higher yield, resulting in revenues 20 percent larger than originally anticipated. How much revenue would Jaafar need in order to earn positive accounting profits? Positive economic profits?

Typed calculation onlyin details for both the question.