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1. What is the formula for consumer surplus and shortages + provide an example for each to make it clear to understand? 2. What is
1. What is the formula for consumer surplus and shortages + provide an example for each to make it clear to understand? 2. What is the formula for producer surplus and shortages + provide an example for each to make it clear to understand? 3. In which case economic profit can be larger than accounting profit? 4. It is possible that economic profit can not be larger than accounting profit? 5. In which case implicit cost can be larger than explicit cost? Please provide very short and simple answers as possible for each question, not accepting long answers
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