Economic Cost vs Accounting cost

Micholien

I came across this problem and was wondering if you could help me with its solution:
1. Jagdish quits his computer programming job, where he was earning a salary of Rs. 5,00,000 per year to strat his own computer software business in a building he owns and was previously renting out for Rs. 2,40,000 per year. In his first year of business he has the following expenses:
Salary Paid to himself: Rs. 4,00,000
Rent: Rs. 0
Other expenses: Rs. 2,50,000.
Find the accounting cost and the economic cost associated with Jagdish’s computer software business.