Please give me correct answer and full explanation with calculation otherwise i give downvote Note:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. Identify each of Shen's costs in the following table as either an implicit cost or an explicit cost of selling drones.Implicit CostExplicit CostThe rental income Shen could receive if he chose to rent out his showroomThe salary Shen could earn if he worked as a programmerThe wages that Shen paysThe wholesale cost for the drones that Shen pays the manufacturerComplete the following table by determining Shen's accounting and economic profit of his drone business.ProfitAccounting ProfitEconomic Profit(Dollars)

Implicit costs are the opportunity costs of using resources that a firm already owns. These costs…

Answered: Identify each of Shen's costs in the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer and full explanation with calculation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

Identify each of Shen's costs in the following table as either an implicit cost or an explicit cost of selling drones.
Implicit Cost
Explicit Cost
The rental income Shen could receive if he chose to rent out his showroom
The salary Shen could earn if he worked as a programmer
The wages that Shen pays
The wholesale cost for the drones that Shen pays the manufacturer
Complete the following table by determining Shen's accounting and economic profit of his drone business.
Profit
Accounting Profit
Economic Profit
(Dollars)

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