Difference between accounting profits and economic profits

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Reference no: EM133918549

Questions:

How do implicit costs lead to a difference between accounting profits and economic profits?
Discuss the relationship between the demand function and the supply function. Provide at least one example.
Discuss price elasticity and how it relates to customers and products.write detail answer in very very simple words with google scholar references and citations.

Reference no: EM133918549

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