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summary of economic costs

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1. Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.

2 Explain the law of diminishing returns.

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Solution Summary

The law of diminishing returns is reiterated. References are also provided to justify the assertions.

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I and other OTAs cannot provide an "assignment completion service", but will be happy to assist you so that you can complete the assignment yourself.....thus, the following is a "start"....you should reword it into your own style of writing otherwise your prof will recognize that someone else wrote the answer other than you.....you also might want to add some "graphics" to enhance the key ideas expressed (look up the key ideas on the web & copy/paste graphics from the sites).

1.Give a brief summary of economic costs.......

Economic costs are the payments a firm must make, or incomes it must provide, to ...

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