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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 Southern Stock $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.
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