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Answer the following questions. 1. Suppose you are planning to open a lemonade stand. List separately at least 3 the explicit and 2 implicit costs that might be involved. (5 mks) 2. The boss observes that her 10 workers produce 1,000 widgets a day. She concludes that she can employ 20 workers and make 2,000 widgets, 30 to make 3,000, or 40 to make 4,000. Explain why this observation is either correct or incorrect. (3 mks) 3. The AB Manufacturing Company has hired an economist to evaluate its financial situation. She explains to the board of directors that the company is making zero economic profit. Should the company go out of business? (2 mks) 4. Complete the following table. (20 mks) Units of Total Marginal Average Total Average Total Total