Question: (a) Define explicit cost and implicit costs, giving examples of each. (b) Explain the difference between accounting profit and economic profit. (c) Given table below,

(a) Define explicit cost and implicit costs, giving examples of each.

(b) Explain the difference between accounting profit and economic profit.

(c) Given table below, assume fixed cost for the firm is $100. Answer the following questions: Total Fixed Total Output costs Variable Total cost Marginal cost Average total cost cost 100

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