Part I: During a year of operation, a firm collects $450,000 in revenue and spends $100,000 on labor expense, raw materials, rent, and

utilities. The firm's owner has provided $750,000 of her own money instead of investing the money and earning a 10 percent annual rate

of return.

The accounting costs of the firm are $______________________

The opportunity cost is $______________________

Total economic costs are $______________________

Accounting profits are $______________________

Economic profits are $______________________