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Explain the differences between accounting profit vs economic profits. Which profit measure would Google use? Explain 2. Explain the Total Cost Formula and its variables.
Explain the differences between accounting profit vs economic profits. Which profit measure would Google use? Explain 2. Explain the Total Cost Formula and its variables. List Formula and discuss each variable both in total and average cost calculations. 3. What does the Term Marginal Cost refer too? List Formula and Give example. 4. Explain the general idea of the "Profit Maximization and Output Formula" 5. Why is it that firm maximize profits where MR=MC, explain and give example? 6. In what section of the Term Project will you include this analysis and Graphs accordingly
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