Flu hours ago Background Layout Theme Transition 2 3 8 Part 1 - Practice- Kendrick owns and runs a recording studio in Compton, California. He pays $400,000 in wages, $60,000 in equipment, and $100,000 for music rights. He could rent out the studio for $40,000 a year and work as a freelance songwriter earning $100,000 a year. His total revenue was $650,000. 1. Calculate Kendrick's explicit costs. Show your work. Type here 2. Calculate Kendrick's implicit costs. Show your work. Type here 3. What is Kendrick's accounting profit? Show your work. Type here 4. What is Kendrick's economic profit? Show your work. Type here 5. Based on this information, what would an economist most likely suggest that Kendrick do? Explain. Type here 6. Suppose instead that Kendrick's revenue was $800,000, what would an economist most likely suggest that he do? Explain. Type here ck to add speaker notes