Question: Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost. Explain the difference

Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost.

Explain the difference between accounting and economic profit. Give two examples of when they differ.

Explain the difference between economies and diseconomies of scale. Provide examples of when an actual firm might benefit from economies of scale or be harmed by diseconomies of scale.

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