1. Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4000 units of its output at $300 per unit, its accounting profits were: a) $100,000 and its economic profits were zero b) $200,000 and its economic profits were zero c) $100,000 and its economic profits were $100,000 d) zero and its economic loss was $200,000 Q2. If a technology advance reduces the amount of variable resources needed to produce any level of output, then the: a) AVC curve will shift upward b) MC curve will shift downward c) ATC curve will shift upward d) AFC curve will shift downward Please explain