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Respond to the following in a minimum of 175 words: Differentiate betweenexplicit and implicit costs. Explain the importance of considering both types of costs to

Respond to the following in a minimum of 175 words:

Differentiate betweenexplicit and implicit costs.
Explain the importance of considering both types of costs to make economic decision.
Provide examples of at least 2 explicit costs and 2 implicit costs.

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