Sophia has decided to start her own business. In doing so she refused an offer to work at the Central Bank which would pay a salary of $200,000 annually. Last year she earned a total revenue of $150,000. Rent and utilities last year were $60,000. Her assistants salary is $50,000 annually. Her total explicit and implicit costs are Question 1Answer a. $110,000 b. $310,000 c. $50,000 d. $60,000