1. If revenue is $750, explicit costs are $450 and opportunity costs are $230, then accounting profit and economic profit are A. Both $70 B. $125 and $220 respectively C. Both $300 D. $300 and $70 respectively
2. If income increases from $100 to $110, and the demand for Big W t-shirts decreases from 16 to 14, then the income elasticity of demand is A. 1.4 and Big W t-shirts are normal B. -0.7 and Big W t-shirts are normal C. -1.4 and Big W t-shirts are inferior D. 0.7 and Big W t-shirts are inferior