Question $2$

Gomez runs a small pottery firm. He hires one helper at $$12,000$ per year, pays annual rent of $$5,000$ for his shop, and materials cost $$20,000$ per year. Gomez has $$40,000$ of his own funds invested in quipment $($pottery wheels, kilns, and so forth$)$ that could earn him $$4,000$ per year if alternatively invested. Gomez has been offered $$15,000$ per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $$3,000$ per year. Total annual revenue from pottery sales is $$72,000.$ Calculate accounting profits and economic profits for Gomez$$s pottery.