QUESTION 3 (20 Marks) 3.1 What does normal profit mean? Explain the difference between normal profit...

QUESTION 3

3.1 What does normal profit mean? Explain the difference between normal profit and economic profit.

3.2 Explain the relationship between average product and marginal product.

3.3 In economics we consider both explicit costs and implicit costs. Differentiate between implicit and explicit

costs.

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Expert Solution

Rahul Sunny answered 1 year ago

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