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HCA 530 Topic 7, Supply and Production Cost

1. Explain the difference between explicit and implicit costs of production.
2. Explain-the reasoning behind the U-shaped, long-run, average cost curve.
3. Explain the law of diminishing marginal returns.
4. Describe economies and dis-economies of scale.
5. Given the following data, calculate the total fixed total variable and marginal costs at each level of production.

hca 530 topic 7