For each of the costs listed below, identify whether it is an explicit or implicit cost to a firm. Which costs would be subtracted from a firm’s total revenue to calculate economic profit, and which to calculate accounting profit?a. hourly wages to the firm’s employeesb. depreciation of the firm’s physical assetsc. the risk-free 2 percent return the firm’s owners could receive on their financial capital instead of investing it in the firmd. annual rental payments for a production facilitye. the additional wages the owner/manager could have received in alternative employmentf. the risk premium of 3 percent that the owners of the firm could earn on their financial capital if they invested it in an equally risky venture
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