James, a college student, generally spends his holidays working for the university as a research assistant doing data entry at a wage rate of $10.00 per hour for a 40-hour week. Overtime work is always available at an hourly rate of 1.5 times the regular wage rate. For the coming holidays, he has been offered a burger stall concession at the student affairs building which would have to be open 8 hours per day, 7 days a week. He estimates that he can sell 300 burgers a week at $3.00 each. The production cost of each burger is $1.50 and the rent on the stall is $150 per week.

1. Calculate James's explicit cost, implicit cost, accounting profit and economic profit.
2. Should James's take the burger stall concession? Why or why not?