Look at the Data Below then answer/calculate the totals in the questions that follow. (Show Workings)

Entrepreneur's potential earnings as a salaried worker = $50,000

Annual lease on building = $22,000

Annual revenue from operations = $380,000

Payments to workers = $120,000

Utilities (electricity, water, disposal) costs = $8,000

Entrepreneur's potential economic profit from the next best entrepreneurial activity = $80,000

Entrepreneur's forgone interest on personal funds used to finance the business = $6,000

Answer these questions directly:

a)Creamy Crisp's explicit costs are:

b)Creamy Crisp's implicit costs (total) are :

c)Creamy Crisp's total economic costs (explicit + implicit costs) are:

d)Creamy Crisp's accounting profit is:

e)Creamy Crisp's economic profit is:

f)If Creamy Crisp's revenue fell to $286,000, what is the newaccounting profit and the new economic profits?

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