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a.What are some of the implicit cost incurred by an entrepreneur in running his or her firm? b.How are these implicit cost estimated? c.Why must

a.What are some of the implicit cost incurred by an entrepreneur in running his or her firm?

b.How are these implicit cost estimated?

c.Why must they be included as part of cost of production?

d.What price does the firm pay to purchase or hire the factors it does not own?

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