What is the difference between economic profit and accounting profit? Why should managers focus mainly on economic profits? Why do you suppose managers often focus on accounting profits?

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Please answer the following questions. No introduction or conclusion:

Question 1: What is the difference between economic profit and accounting profit? Why should managers focus mainly on economic profits? Why do you suppose managers often focus on accounting profits?

Question 2: Explain why long-run prices in a perfectly competitive market tend toward the minimum average cost of production?

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