1. We know that all companies in running their business to maximize profit or profit. For certain purposes, the company in determining the profit is the total revenue minus the total economic cost, where the total economic cost not only takes into account the costs that have been incurred (explicit costs or accounting costs), but also includes opportunity costs or implicit costs, for example the opportunity cost of capital. a. Explain why implicit costs need to be taken into account in the calculation of (economical) profit? b. Apart from the opportunity cost of capital, are there other opportunity costs that might also need to be included? Mention and explain! 2. The company will always try to minimize costs in its efforts to gain profits. Therefore, a firm that generates short-run economic profit will produce at the minimum point on its average total cost function. Do you agree with the statement above