Question $4$: Economic Profit and Accounting Profit $(10$ points$)$

Emily owns a small bakery called "Sweet Treats." For the current year, her financial details are as follows:

Revenue from Sales: $$120,000$

Costs Incurred:

Wages for employees: $$40,000$

Rent for the bakery space: $$15,000$

Cost of raw materials: $$20,000$

Utilities $($electricity$,$ water, etc.$)$: $$5,000$

Emily worked full$-$time at the bakery, forgoing a salary of $$30,000$ from another job she could have taken.

She also invested $$50,000$ of her own savings into the business, which could have earned her an interest of $$3,000$ in a savings account.

Questions:

Calculate the total accounting cost for Emily's bakery.

Calculate the total implicit costs for the bakery.

Calculate the total economic cost for the bakery.

Calculate the accounting profit for Emily's bakery.

Calculate the economic profit for Emily's bakery.