Differentiator of accounting and economic costs

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Reference no: EM133219629

Question 1.Implicit cost is a key differentiator of accounting and economic costs. True/false?
Explain using appropriate examples.

Question 2.The statement "other things being equal" has no effect in the study of economic phenomenon and therefore can be ignored. True/false? Explain.

Question 3. A straight-line demand curve has the same elasticity at each point on the curve. True or False? Explain

Question 4. If the amounts of two commodities purchased both increase or decrease when the price of one changes, the cross elasticity of demand between them is negative. True or False? Explain using appropriate examples.

Reference no: EM133219629

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