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C3: Hannah Montana used to work as an aerobics instructor at a local gym earning $35,000 a year. Hannah quit that job and started mnning her own gym- She has $60,000 of her own funds invested in equipment. (To simplify, assume that the equipment has zero depreciation and, thus, Hannah will be able to sell the equipment at the same price when she retires.) Instead of putting her money on the equipment, Hannah could have keep the money in her bank, earning her an interest income of $5,000 per year. Hannah spends $20,000 per year for a part time worker. Hannah spends $10,000 per year for rent and utilities. Hannah spends $4,000 per year for advertising. Hannah spends $2,000 per year for miscellaneous expenses such as energy drinks, juice boxes and granola bars for clients after workout. Hannah spends $1,000 per year gambling in Las Vegas, which has nothing to do with her business. Hannah's Gym makes $70,000 in total annual revenue. De note Total Revenue by TR. Answer the following questions: ii) {ii} {iii} How much is Hannah's explicit cost per year? Answer: $ How much is Hannah's implicit cost per year? Answer: S What Is Hannah's accounting profit per year? Answer: 5 {iv} What Is Hannah's economic profit per year? Answer: 5 {Include a minus sign if negative} {v} Economic Cost = _ Cost + _ Cost Answer: Cost + Cost {vl} TR - Explicit Cost = __ Prot Answer: Prot {vii} TR - Economic Cost = _ Prot Answer: Prot {viii} Accounting Prot - Implicit Cost = _ Prot Answer: Prot