Please show the work

1. During a year of operation, a firm collects $175,000 in revenue and spends $80,000 on labor expense, raw materials, rent, and utilities. The firms owner has provided $500,000 of her own money instead of investing the money and earning a 14 percent annual rate of return.
   1. The explicit costs of the firm are $_______. The implicit costs are

$ _______________. Total economic cost is $_____________.

2. The firm earns economic profit of $___________________________.

3. The firms accounting profit is $_____________________________.

4. If the firms costs stay the same but its revenue falls to $____________, only a normal profit is earned.

5. If the owner could earn 20 percent annually on the money she has invested on the firm, the economic profit of the firm would be __________ (when revenue is $175,000).