Question: 1.Distinguish between explicit and implicit costs. 2.Explain an accounting profit and an economic profit. 3.Explain how the short run differs from the long run. 4.Explain

1.Distinguish between explicit and implicit costs.

2.Explain an accounting profit and an economic profit.

3.Explain how the short run differs from the long run.

4.Explain the law of diminishing marginal returns. Give a personal example.

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