How do you know what is explicit cost and which is implicit cost?

Part A: Different Meanings of the Word "Profit" Economists assume the goal of a firm is to maximize its total profit. This sounds like an easy goal to understand, but the economist's view of profit is different from that of an accountant. Let's use a short story about Pat to illustrate the differences. First, we must define two categories of cost. An explicit cost is an expenditure by the firm; it could be a payment for items such as wages, rent, or advertising. An implicit cost is the opportunity cost of an entrepreneur using his/her own resource in the company. An economic short story: Pat is a banker who earned an annual salary of $50,000 last year. She invested a total of $100,000 of her own money in various savings assets, which gave her interest income of $6,000. Pat also owns a small building, which she leased to someone last year for $14,000, But now Pat decides she wants to leave banking and set up her own landscaping company. Rather than borrowing money to buy new equipment, she uses her $100,000 in savings to buy it. She also decides to stop leasing her building so she can use it for her new enterprise. In her first year of landscaping, Pat brings in total revenue of $300,000. She spends $220,000 for such things as her equipment, workers, supplies, and insurance. 1. An accountant defines total profit to be total revenue minus explicit costs. Pat's accounting profit from her landscaping company is $ this year