1. PROBLEM SOLVING, Solve for what is asked for. Use the space provided for your answer and complete solution 1. Lee, a programmer, earned P350,000 in 2010, but in 2011, he began to manufacture computer monitors. After one year, he submitted the following data to his accountant. He stopped renting out his cottage for P35,000 a year and used it as his factory. The market value of the cottage increased from P700,000 to P710,000 He spent P50,000 on materials, phone, utilities, etc. He leased machines for P100,000 a year. He paid P150,000 in wages. He used P100,000 from his savings account, which pays five 5% interest a year. He borrowed P400,000 at 10% a year from the bank . He sold P1,600,000 worth of monitors. . Normal profit is P250,000 a year. Compute for the following: Lee's explicit costs Lee's implicit costs Lee's economic profit