Professor Betty Chatty was a micro economics lecturer who earned R400000 per year.Over time she accumulated savings of approximately R2 million, which yielded her an average annual return of R100000.She decided to retire from the university to go in the construction sector.She used R2 million savings to get started.Her first step was to refurbish her own property to develop five granny flats ,she had to pay the constructor R700000 to build the flats R800000 to buy building materials.At the end of the year she sold four flats at R600000 each. a)Calculate the total explicit costs and total implicit cost in this example.

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