Instruction: Establish your point of View, present your ideas logically using clear and concise language. Each question is equivalent to 10 points, please answer in complete sentences.(20pts) 1. Your rm has total sales revenue of $1,000,000 and total explicit costs of $600,000 and total implicit cost of $300,000. What will be the accounting prot for the rm? What will be the economic prot for the rm? Explain the difference between Accounting and Economic Prot using the data. (lOpts) Accounting prot Economic prot 2. Indicate whether the inputs below are variable (V) or xed (F) in the short run. THEN, explain the difference between Variable and Fixed Inputs. (lpts) Write VI for Variable Input and Input of various products/services FI for Fixed Input 1. Meat in hamburger 2. Fire insurance of the factory 3. Tires in automobiles 4. Property tax in building 5. Gasoline in Delivery van