Morgan is currently working as an insurance claims salesperson earning a wage of $40,000/year in Toowoomba and pays no rent. He is deciding whether or not to take up a position offered to him into the Queensland Police Service. He would earn $55,000/year as a police officer, but would have to live in Brisbane and pay rent of $10,000/year Select the item from the list provided to make the following statements true. Morgan's Service Morgan earns an Officer. is $40000/year in deciding to join the Police 1. Accounting profit 2. -$2000/year 3. Total cost of $5000/year by becoming a Police 4. Economic profit Economic loss 5. 6. A normal profit 7. $12000/year 8. $33000/year 9. Explicit cost 10. $45000/year 11. $1900 12. Implicit cost Morgan's accounting profit by choosing to become a Police Officer would be