gc hca530 week 7 assignment Supply and Production Cost latest 2016

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. Calculate and fill in the blanks for the table in
question 5.

1.
Explain the difference between
explicit and implicit costs of production.

2.
Explain the reasoning behind
the U-shaped, long-run, average cost curve.

3.
Explain the law of diminishing
marginal returns.

4.
Describe economies and
diseconomies of scale.

5.
Given the following data,
calculate the total fixed total variable and marginal costs at each level of
production.

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.

This assignment uses a grading
rubric. 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.

You are not required to submit this assignment to Turnitin, unless
otherwise directed by your instructor. If so directed, refer to the Student
Success Center for directions. Only Word documents can be submitted to
Turnitin.

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