1. please provide a complete explanation

Question 1 (a) Your uncle is thinking about opening a bookstore. He estimates that it would cost $60,000 per year to rent the store and another $30,000 on other expenses. In order to be an entrepreneur, he would have to quit his job as an economics lecturer that earns him $200,000 per year. Ifyour uncle thinks he could sell $250,000 worth of books per year, should he open the store if he is rational? Why, or why not? Explain your answer with reference to (a) relevant principle(s) of economics. [3 marks]