Here is some data about the Burger Princess for December 31,2017:

Revenue from Sales $300,000

Salary Cost $150,000

Utility Cost $60,000

Advertising Cost $25,000

Value of Owner Bill Conner's lost leisure time $50,000

Amount owner Bill Conner could earn if he sold his stock in the business and bought Norfolk SouthernStock $40,000

Categorize the various costs and values as implicit or explicit costs. Then calculate accounting profit and economic profit. Describe why accounting profit and economic profit are each important in at least one sentence.