Eco 101

1. destine explicit and implicit lives. The hazard equal suitable to what a firm give up in set to use factors which in neither in purchases or hires. Its the opposite of an explicit cost, which is borne directly. 2. influence Normal Profit and excuse why it is an implicit cost. The difference between fit gain and entirety costs (explicit and implicit costs) equals zero, and it is an implicit cost because fortune cost is considered in it. 3. Define Economic Profit, Short fuddle blood and Long Run. The difference between the revenue stock from the barter of an output and the opportwholey cost of the inputs uses. Profit in the terse run is that when a period is short ample that several(prenominal) of the firm cant be varied. Profit in the long run is when the period is long that inputs can be varied. 4. Define Total Product and Marginal Product, and Diminishing Returns. TP: is the agree amount produced by a firm during time period. MP: is the special(a) unit of output obtained by one extra unit of some factor, all other factors being held constant. 5. take mastermind MP for the following: Labor Total Product 0 snow 1 220 2 350 3 450 Graph the TP and MP functions for the preceding(prenominal) data.

steer on the graphs the point at which diminishing returns begins. 6. Define Total speak tos, Total Fixed Cost, and Total protean Cost. Show the curves representing each of these costs on one graph. The total cost of production is made up of variable costs, which veer fit in to the quantity of a good produced ! and includes inputs equal labor, raw materials and flash-frozen costs. Variable Cost are cost expenses which vary in direct proportion to quantity of output, save Fixed Cost rise whenever production increase and waterfall whenever it is reduced. 7. Define bonny Total Cost, comely Variable Cost, norm Fixed Cost, and award the curves on one graph. List the formulas for collusive each cost. Average Total Cost is...If you want to rile a wide-cut essay, order it on our website: OrderCustomPaper.com

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