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Most firms, especially SMEs are likely to hire accountants but not economists. Yet, some of the decisions require understanding of the economic implications for the decisions made. As a consulting managerial economist for a large consulting firm, one of your responsibilities is to work with SMEs providing advice on economic thinking and implications of their decisions. The Association of SMEs have planned for a workshop in which you will be the trainer,

Based on the scenario above, please prepare one page brief write ups for each of the following:

With the use of examples of a typical situation and application with numbers, explain when it would be relevant to use accounting cost versus economic cost