Please answer with explanation

Check Your Understanding 1. Karma and Don run a furniture-refinishing business from their e. the job at a larger furniture restorer that Karma gave up in home. Which of the following represent an explicit cost of the order to run the business business and which represent an implicit cost? 2. a. Suppose you are in business earning an accounting profit a. supplies such as paint stripper, varnish, polish, sandpaper, of $25,000. What is your economic profit if the implicit and so on cost of your capital is $2,000 and the opportunity cost of b. basement space that has been converted into a workroom your time is $23,000? Explain your answer. c. wages paid to a part-time helper b. What does your answer to part a tell you about the d. a van that they inherited and use only for transporting advisability of devoting your time and capital to this business? furniture