Question: Joe quits his computer programming job, where he was earning a salary of $50 comma 000 per year, to start his own computer software business

Joe quits his computer programming job, where he was earning a salary of $50 comma 000 per year, to start his own computer software business in a building that he owns and was previously renting out for $30,000 per year. In his first year of business he has the following expenses: salary paid to himself, $47,500; rent, $0; and other expenses, $25,000. Find the accounting cost and the economic cost associated with Joe's computer software business. The accounting cost of Joe's business is? The economic cost of Joe's business is ?

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