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Supply and Production Costs
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.
- Explain the difference between explicit and implicit costs of production.
- Explain the reasoning behind the U-shaped, long-run, average cost curve.
- Explain the law of diminishing marginal returns.
- Describe economies and diseconomies of scale.
- 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.
This assignment uses a grading rubric. Instructors will be using the rubric to grade the assignment; therefore, students should review the rubric prior to beginning the assignment to become familiar with the assignment criteria and expectations for successful completion of the assignment.
You are not required to submit this assignment to Turnitin, unless otherwise directed by your instructor. If so directed, refer to the Student Success Center for directions. Only Word documents can be submitted to Turnitin.
