Remaining Time 00:31:11 A person starts his own business, quitting a job in which he was making $150,000 a year He has revenues of $475,000 for the year Expenses include $187,500 for wages to employees, $6,000 for utilities, $120,000 for materials, and $3,000 for gasoline in a car he leases for $35,000 a year. He also uses a building he owned that had produced $32,500 a year in rent He also contributed capital to start the business which could have earned a normal rate of return is $35,000 (4 marks) Using the case above, the person's implict costs for the year were? Number Using the case above, the person's explicit costs for the year were? Number Using the case above, the person's accounting profit/loss for the year were? Number Using the case above, the person's economic profit/loss for the year was? Number