IR a. HW71 X Back to Assignment Arte Keep the 3 AZ 1. Definition of economic costs Clancy lives in New York City and run a business that sela planos. In an average year, he receives $451.000 from selling of the revenue, na may the manufacturer a wholesale cost of 476,000, he also pays wages and bits totaling $281,000. He was showroom Whathooses to rent it out, he will receive 171,000 rent per year. Asume that the value of this showroom does not recte over the year. Also, Clancy does not operate the business, he can work as an accountant, receive an annual salary 534,000 with no admiral monetary costs, and rent out his showroom at the $71,000 per year. No other costs are incurred in running the pano business Idently each of Cancy couts in the following tables ether and cost or an epic cost of it. Implicit Cost Explicit Cost They Clancy could earn it he worked as an accountant O The rental income Clancy could receive the chose to rent out this showroom The wholesale cost for the peos that Clancy peys the manufacturer The wages and it is a Clancy Days o Get the water en concess