Pat’s Pizza Restaurant owner incursvarious economic costs of production. Explain whether each of thefollowing is an explicit cost or an implicit cost. Which of the twocosts should Pat minimize to maximize his account profit?Payments for rented manufacturing equipment.A firm’s use of a warehouse that it owns and could rent toanother firm.Wages paid to the firm’s workers.The wages the firm’s owner could earn if he/she worked foranother company.