Discuss the below:
1. Why, according to an economist, should implicit costs (i.e., lost wages from job given up) be included in the total cost of your product to compute economic profit?
2. Why does price elasticity of demand change as you move up the demand curve (more specifically, as the price of the product increases)?
3. Explain in your own words why MR = MC produces maximum profit for a company
Attachment:- Price elasticity of demand.rar