Explain the reasoning behind the U-shaped, long-run, average cost curve.

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_. [http://www.bezern.com/] Calculate and fill in the blanks for the table in question 5. [http://www.bezern.com/] 1. [http://www.bezern.com/] Explain the difference between explicit and implicit costs of production. [http://www.bezern.com/] 2. [http://www.bezern.com/] Explain the reasoning behind the U-shaped, long-run, average cost curve. [http://www.bezern.com/] 3. [http://www.bezern.com/] Explain the law of diminishing marginal returns. [http://www.bezern.com/] 4. [http://www.bezern.com/] Describe economies and diseconomies of scale. [http://www.bezern.com/] 5. [http://www.bezern.com/] Given the following data, calculate the total fixed total variable and marginal costs at each level of production. [http://www.bezern.com/] 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. [http://www.bezern.com/] This assignment uses a grading rubric. [http://www.bezern.com/] 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. [http://www.bezern.com/] You are not required to submit this assignment to Turnitin, unless otherwise directed by your instructor. [http://www.bezern.com/] If so directed, refer to the Student Success Center for directions. [http://www.bezern.com/] Only Word documents can be submitted to Turnitin. [http://www.bezern.com/]

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