Difference between explicit and implicit costs of production

Assignment Help Operation Management

Reference no: EM13740118

Write an answer of no less than one-half page in length for each of the first four questions below about economic concepts described in chapters 6 and 7 of the text, Economics of Health and Medical Care. Calculate and fill in the blanks for the table in question 5.

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 diseconomies of scale.

5. Given the following data, calculate the total fixed total variable and marginal costs at each level of production.

Quantity	Total Cost	Total Fixed Cost	Total Variable Cost	Average Total Cost	Marginal Cost
0	$100
1			$20
2					$30
3			$100
4				$75

Reference no: EM13740118

Questions Cloud

Critical thinking analysis : "Critical Thinking analysis, evaluation, and a synthesizing of fact, ideas, opinions, and theories" (Jones, 2013, para. 1) Critically think (analyze, evaluate, synthesize) the key concepts about leadership behaviors and theories, and include point..

Did supreme court justice rightfully interpret equal protect : Did Supreme Court justices rightfully interpret equal protection clause from the Fifth and/or Fourteenth Amendments in this case? Identify and utilize constitutional precedents and case law to support your argument.

Paper analysis in a balance sheet and financial statements : I need someone to do 8 pages paper analysis in a balance sheet and financial statements of a company

Suppose that people derive utility from two goods : Suppose that the government decides that the level of housing shown in part a(say, H*) is "substandard" and requires that all people buy H**>H* instead. Show that these las would reduce this person’s utility.

Difference between explicit and implicit costs of production : Explain the difference between explicit and implicit costs of production. Explain the reasoning behind the U-shaped, long-run, average cost curve.

Why machiavelli considered first modern political observer : Why is Machiavelli considered the first modern political observer and discuss his ideas on the relationship between the Prince and God.

Unit to correct for the social cost of the noise pollution : A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the sale of every unit to correct for the social cost of the noise pollution. The tax completely internalizes the externality. Before the corrective tax, Blow..

Decides to charge cola consumers a tax : Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 25,000 cases of cola were sold every week at a price of $7 per case. After the tax, 18,000 cases of cola are sold every week; consumers pay $8 per case (includin..

Quantity supplied at the regulated price : Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..

User Account

All Pages