Explain the difference between operating decisions and, Business Economics

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Explain the difference between operating decisions and

1. Explain the difference between operating decisions and planning decisions.

2. Explain the following costs and observe carefully the difference between each one.

• Historical costs

• Current costs

• Replacement cost

• Opportunity Cost

• Explicit cost

• Implicit cost

• Incremental cost

• Sunk cost

• Short run and long run cost

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