Will runs a shoeshine stand at the airport. Will has no​ skills, no job​ experience, and no alternative employment.
Entrepreneurs in the shoeshine stand business earn ​$20,000 a year.

Will pays the rent of ​$500 a​ year, and his total revenue is ​$23,000 a year.

He borrowed ​$800 at 15 percent a year to buy equipment.

At the end of one​ year, Will was offered ​$500 for his business and all its equipment.
What are Will's explicit​ costs, implicit​ costs, and economic​ profit?