1. Economists assume that the primary goal of a firm is to maximize profits. a. Explain fully how the firm achieves this goal. Illustrate with graphs similar to Figure 1-2 on page 19 of your textbook. Hint: The MB curve in Figure 1-2 is a demand curve in micro principles. b. Explain fully the difference between economic profits and accounting profits. Provide one example of an explicit cost and one example of an implicit cost. How do economists measure implicit costs?? c. Identify and explain FIVE other important goals, in addition to profit maximization, that firms may pursue?