During a year of operation, a firm collects $5,000,000 in revenue and spends$3,500,000 on labor expense, raw materials, rent, and utilities. The firm’s owner has provided $1,000,000 of her own money instead of investing the money and earning a 12 percent annual rate of return.

The explicit costs of the firm are $______________. 

The implicit costs are$______________. 

Total economic cost is $_______

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