Tim lives in new york city and runs a business that sells guitars. in an average year, he receives $851,000 from selling guitars. of this sales revenue, he must pay the manufacturer a wholesale cost of $476,000; he also pays wages and utility bills totaling $281,000. he owns his showroom; if he chooses to rent it out, he will receive $71,000 in rent per year. assume that the value of this showroom does not depreciate over the year. also, if tim does not operate this guitar business, he can work as an accountant, receive an annual salary of $34,000 with no additional monetary costs, and rent out his showroom at the $71,000 per year rate. no other costs are incurred in running this guitar business. identify each of tim's costs in the following table as either an implicit cost or an explicit cost of selling guitars.1) the wages and utility bills that tim pays a) implicit cost or b) explicit cost2) the wholesale cost for the guitars that tim pays the manufacturer a) implicit cost or b) explict cost3)the rental income tim could receive if he chose to rent out his showroom a) implicit cost or b) explicit cost4) the salary tim could earn if he worked as an accountant a) implicit cost or b) explicit cost