HCA 530 Topic 7, Supply and Production Cost
- Explain the difference between explicit and implicit costs of production.
- Explain-the reasoning behind the U-shaped, long-run, average cost curve.
- Explain the law of diminishing marginal returns.
- Describe economies and dis-economies of scale.
- Given the following data, calculate the total fixed total variable and marginal costs at each level of production.
hca 530 topic 7