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

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

problem 3) Describe the law of diminishing returns.

problem 4) Distinguish between short run and the long run.

problem 5) find out marginal and average product when given total product data.

problem 6) Describe the relationship between total, marginal, and average product.

problem 7) Differentiate between fixed, variable and total costs.

problem 8) Describe the difference between average and marginal costs.

problem 9) find out and graph AFC, AVC, ATC, and marginal cost when given total cost data.

problem 10) Describe how AVC, ATC, and marginal cost relate to one another.

problem 11) Relate average product to average variable cost and marginal product to marginal cost.

problem 12) Describe what can cause cost curves to rise or fall.

problem 13) Describe the difference between short run and long run costs.

problem 14) describe why the long run average cost is expected to be U shaped.

problem 15) prepare down causes of economies and diseconomies of scale.

problem 16) Show relationship between economies of scale and number of firms in an industry.