Jay net spends the $30,000 per year on painting supplies and the storage space. She recently received two job offers from a famed marketing firm, one offer was for $85,000 per year, and the other was for $120,000. However, she turned both jobs down to continue a painting career. If Jay net sells the 40 paintings per year at a price of $4,000 each:
1. Explain what are her accounting profits?
2. Discuss what are her economic profits?