Suppose a farmer in Georgia begins to grow peaches. He uses $1,000,000 in savings to purchase land, he rents equipment for $ a year, and he pays workers $ in wages. In return, he produces baskets of peaches per year, which sell for $ each. Suppose the interest rate on savings is percent and that the farmer could otherwise have earned $ as a shoe salesman.

The peach farmer earns economic profit of $?

The peach farmer earns accounting profit of $?

Suppose a farmer in Georgia begins to grow peaches. He uses $1,000,000 in savings to purchase land, he rents equipment for $100,000 a year, and he pays workers. $100,000 in wages. In return, he produces 250,000 baskets of peaches per year, which sell for $4.00 each. Suppose the interest rate on savings is 5 percent and that the farmer could otherwise have earned $45,000 as a shoe salesman. What is the farmer's economic profit? The peach farmer earns economic profit of \$ (Enter your response as an integer.)