Differentiate and give an example for each:a

Subject:AccountingPrice: Bought3

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Differentiate and give an example for each:a. What is accounting cost? Give an example.b. What is economic cost? Give an example.c. What is opportunity cost? Give an example.7. Explain why the following statement is True: “Zero economic profit means the investor is ableto redeem the opportunity cost.”8. Explain why the following statement is True: “Average Fixed Cost curve constantly declinesas the number of units produced increases.”9. What is the Law of Demand? Explain why the following statement is True: “The sale of goldjewelry went Up in spite of a sustained Increase in its price.”10.What is the difference between the revenue and the profit earned by a firm? Revenue is thetotal monetary value of the goods or services that a business sells. Profit is the differencebetween revenue and cost when revenue exceeds the cost incurred in operating the business. A.Explain why the following statement is True: “Value is created when a good is sold at a pricewhich is more than its cost of production.”