Suppose a farmer in Georgia begins to grow peaches. He uses$1,000,000 in savings to purchaseland, he rents equipment for $100 comma 000

100,000 ayear, and he pays workers $140 comma 000

140,000 in wages. Inreturn, he produces 100 comma 000

100,000 baskets of peaches peryear, which sell for $3.00

3.00 each. Suppose the interest rate on savings is 3

3 percent and that the farmer could otherwise have earned $45 comma 000

45,000 as a shoe salesman.

What is thefarmer's economicprofit?

The peach farmer earns economic profit of $

nothing

. (Enter your response as aninteger.)

What is thefarmer's accountingprofit?

The peach farmer earns accounting profit of $

nothing

. (Enter your response as aninteg