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Can You Calculate Joe's Explicit, Implicit Costs And Economic Profit?

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Jack & jill put $50000 of their own money into the firm. They bought equipment for $30000.they hired one employee to help them for an annual wage of $20000. Jack gave up his previous job, at which he earned $30000. Jill kept her old job., which paid to $30 an hour,but gave up 10 hours of leisure each week(for 50 weeks) to work for the firm. The firm bought $10000 of goods & services from other firms, the maker value of the year was $28000.
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Explicit cost = $10 000+ $2 000+ $1 000+$2 000
= $15 000
implicit cost =$15 000+ $s$5 000
=$20 000
economic profit = total revenue -total economic cost
= $15 000- 35 000
=($20 000)

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