Consider a small business that makes pastries. The business has rented a building to be used as its factory and shop floor. The rent of the building is $2,000 per week. The rest of the firm's weekly costs are as follows: • Income lost from alternative employment: $2,000 • Explicit variable costs: $1,500 • Implicit variable costs: $ 500 i) If the firm sells 1.000 pastries per month, at $6 per pastry, calculate the firm's weekly 1) Accounting profit, and (I) Economic profit 

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The detailed answer for the above question is provided below Solutions Step1 Calculate weekly total explicit costs Explicit variable costs Rent 1500 2000 3500 Step2 Calculate weekly total implicit cos... View the full answer