Tim lives in Dallas and runs a business that sells pianos. In an average year, he receives $842,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will recelve $38,000 In rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if 11m does not operate this plane business, he can work as an accountant, receive an annual salary of $48,000 with no additional monetary costs, and rent out his showroom at the $38,000 per year rate. No other costs are Incurred In running this piano business. I denhfy each of Tim's costs in the following table as either an implicit cost or an explio't cost of selling pianos. Implicit Cost Expllclt Cost , , : The salary Tlrn could earn if he worked as an accountant ' The wholesale cost for the pianos that Tlm pays the manufacturer I- _ l . The wages and utility bills that Tim pays The rental income Tim could receive If he chose to rent out hls showroom Complete the following table by detem'lining Tim's accounting and economic prot of his piano business. Prot {Dollars} Accounting Profit Economic Prot