2. Definition of economic costs Raphael lives in New York City and operates a small company selling scooters. On average, he receives $833,000 per year from selling scooters. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $464,000. He also pays several utility companies, as well as his employees wages totaling $278,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $68,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Raphael does not operate the scooter business, he can work as a programmer and earn a yearly salary of $34,000 with no additional monetary costs, and rent out his storefront at the $68,000 per year rate. There are no other costs faced by Raphael in running this scooter company. Identify each of Raphael's costs in the following table as either an implicit cost or an explicit cost of selling scooters. The rental income Raphael could receive if he chose to rent out his showroom The wholesale cost for the scooters that Raphael pays the manufacturer The wages that Raphael pays The salary Raphael could earn if he worked as a programmer Implicit Cost Explicit Cost Complete the following table by determining Raphael's accounting and economic profit of his scooter business. Profit Accounting Profit Economic Profit (Dollars)

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