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On the same graph, show total product, average product, and marginal product curves. Explain the slopes and why they are as they are (how are they...
On the same graph, show total product, average product, and marginal product curves. Explain the slopes and why they are as they are (how are they related, etc.). On a new graph, show the total cost, average cost, and marginal cost curves. Explain the slopes and why they are as they are. Explain the relationships between the product curves and the cost curves. Would the marginal product curves and therefore the marginal cost curves be different in the long run than in the short run? Why or why not? What is the difference between accounting costs and economic cost? Why does that difference exist? Is it possible for a firm making an accounting profit to suffer an economic loss? Why? Could a firm show an economic profit but an accounting loss? Why?
