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3. Definition of economic costs Musashi lives in San Francisco and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom: if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Musashi does not operate this guitar business, he can work as an accountant, receive an annual salary of $20,000 with no additional monetary costs, and rent out his showroom at the $3,000 per year rate. No other costs are incurred in running this guitar business. Identify each of Musashi's costs in the following table as either an implicit cost or an explicit cost of selling guitars. Implicit Cost Explicit Cost The wholesale cost for the guitars that Musashi pays the manufacturer 0 O The wages and utility bills that Musashi pays 0 O The salary Musashi could earn it he worked as an accountant The rental income Musashi could receive if he chose to rent out his showroom Complete the following table by determining Musashi's accounting and economic profit of his guitar business. Profit (Dollars) Accounting Profit \\:| Economic Profit \\:|