Problem
1. Dustin is planning to open a catering business. Give examples of an explicit cost and an implicit cost his new catering business might incur.
2. Imagine you're in a meeting with the owner of a restaurant, who is trying to decide whether to keep his restaurant open or to invest his time and money in another way. Explain to him the difference between accounting and economic profit, and why it should matter for his decision.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.