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Distinguish between explicit and implicit costs

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1) Distinguish between explicit and implicit costs, and between normal and economic profits.

2) Explain why normal profit is an economic cost, but economic profit is not.

3) Explain the law of diminishing returns.

4) Explain the relationship between total, marginal, and average product.

5) Distinguish between fixed, variable and total costs.

6) Explain the difference between average and marginal costs.

Reference no: EM131833436

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