1. Why are costs important in economics? Why don’t economists use…1. Why are costs important in economics? Why don’t economists use the same cost data as accountants use?2. Why is it important to distinguish between explicit and implicit costs?3. How can a firm be making an economic loss when it is making an accounting profit?Business Economics Microeconomics ECON 111
solved : 1. Why are costs important in economics? Why don’t economist
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