1. Tommy spends $30,000 per year on expenses for his river guiding business. He takes 1,000 clients per year at a price of $100. He loves the outdoors. However, he just got a job offer in an office for $100,000 per year.

1. What are the accounting profits from his business?
2. What are the economic profits from his business?
3. If Tommy rejects the office job offer, what is the value to him of remaining working outdoors and running his own business?