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2. Definition of economic costs module 5 2. Definition of economic costs Antonio lives in Chicago and runs a business that sells pianos. In an average year, he receives $722,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Antonio does not operate this piano business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $2,000 per year rate. No other costs are incurred in running this piano business. Identify each of Antonio's costs in the following table as either an implicit cost or an explicit cost of selling pianos. Implicit Cost Explicit Cost The wages and utility bills that Antonio pays O O The rental income Antonio could receive if he chose to rent out his showroom O O The wholesale cost for the pianos that Antonio pays the manufacturer O O The salary Antonio could earn if he worked as a paralegal O O Complete the following table by determining Antonio's accounting and economic profit of his piano business. Profit Dollars) Accounting Profit Economic Profit