Suppose that a business incurred implicit costs of $400,000 and explicit costs of $3 million in a specific year. If the firm sold 100,000 units of its output at $40 per unit, its accounting: A. losses were $600,000 and its economic losses were zero. B. profits were $600,000 and its economic profits

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A:

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A: Hi! Thank you for the question but as per the guidelines, we only answer one question at a time.…

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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…