Question: 1. Choose between a,b,c and d and explain the answer. Opportunity costs are: a. implicit and explicit costs b. accounting costs c. fixed and variable

1. Choose between a,b,c and d and explain the answer.

Opportunity costs are:
a. implicit and explicit costs
b. accounting costs
c. fixed and variable costs
d. economic and non-economic costs

2. The industry elasticity of demand for flight travel is -3, and the elasticity of demand for an aircraft is -4. The Rothschild index for this industry is?

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