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Distinguish between explicit and implicit costs

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Question 1: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?

Question 2: Which of the following are short-run and which are long-run adjustments?

A. Wendys builds a new restraurant

B. Harley-Davidson Corporation hires 200 more production workers.

C. A farmer increases the amount of fertilizer used on his corn crop.

D. An Alcoa aluminum plant adds a third shift of workers.

Question 3: Explain why marginal product eventually declines and ultimately becomes negative. What bearing does the law of diminshing returns have on marginal costs? Be specific.

Reference no: EM132858772

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