Nina is a farmer that grows and sells tomatoes. Her total explicit and implicit costs are $950,000 per year, and her explicit fixed costs are $340,000 per year. Nina could otherwise earn $60,000 in her next best alternative line of business or employment. Each bushel of tomatoes sells for $40. This year, Nina sold 25,000 bushels of tomatoes. Interpret what each of these costs means for Nina.

What are Ninas average fixed costs?

What are average variable costs?

What are the average total costs of production?

What is Ninas economic profit?

What is her accounting profit?