Jhon worked as an attorney earning $75,000 per annum. He decided to open her own firm. He rents an office where he pays $12,000 per annum. Further his utility expenses are $1,000 per annum and he hired a secretary to whom he pays $35,000 per annum. To start his business he borrowed $20,000 from her savings where he was earning an interest of $500 per annum. In his first year, he earned a revenue of $200,000. Based on this information calculate the following:

• Total implicit costs per annum
• Total explicit costs per annum
• Total accounting costs and accounting profit for that year
• Total economic costs and economic profit for that year