Discuss the difference between how accountants and economists calculate profit giving example of costs each might use in this calculation.

Topic 1 You have learned a good deal about production costs and profit in this unit. You have also learned that accountants and economists calculate profit differently. Discuss the difference between how accountants and economists calculate profit giving example of costs each might use in this calculation. Will accounting profit and economic profit always be different? When might accounting profit and economic profit be the same? Topic 2 Many suppliers experience economies of scale as output expands, which implies that long-run average costs are falling. At very high levels of production, however, many firms are likely to experience diseconomies of scale. Why do firms experience diseconomies of scale as they increase production volume? How might firms “avoid” experiencing diseconomies of scale and what does the long-run average cost curve look like when diseconomies of scale exist?