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Flovodoh Economics Assignment
Each response much be thoroughly answered.
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
4
$75
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