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please refer to screenshot thank you in advance! 2. Definition of economic costs Dmitri lives in Dallas and runs a business that sells boats. In

please refer to screenshot thank you in advance!

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2. Definition of economic costs Dmitri lives in Dallas and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Dmitri does not operate this boat business, he can work as an accountant, receive an annual salary of $48,000 with no additional monetary costs, and rent out his showroom at the $38,000 per year rate. No other costs are incurred in running this boat business. Identify each of Dmitri's costs in the following table as either an implicit cost or an explicit cost of selling boats. Implicit Cost Explicit Cost The rental income Dmitri could receive if he chose to rent out his showroom O The salary Dmitri could earn if he worked as an accountant O O The wages and utility bills that Dmitri pays O O The wholesale cost for the boats that Dmitri pays the manufacturer O O Complete the following table by determining Dmitri's accounting and economic profit of his boat business. Profit Dollars) Accounting Profit Economic Profit

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