. Explain the difference between explicit and implicit costs of production.

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
APA format is not required, but solid academic writing is expected.
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beginning the assignment to become familiar with the assignment criteria and
expectations for successful completion of the assignment.
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