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    Economics Production Cost

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    1. Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.

    2. Define Short Run Production Costs (TC, FC, VC, ATC, AVC and MC). Why ATC, AVC, and MC are U-shaped?

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    Solution Summary

    The expert distinguishes between explicit and implicit costs. Accounting profits are determined.