1) How is the marginal product of labor calculated, whereMPLis the marginal product of labor,TPis the change in the total product, and Lis the change in the number of units of labor employed?

a) MPL=L x TP b)MPL=L/TP c)MPL=TP/L d)MPL=L + TP

2)Examples of total variable costs (TVC) include wages and __________.

Group of answer choices

a)insurance

b)rent

c)utilities

d)loan payments

3) Economic profitis calculated as __________.

Group of answer choices

total revenue - explicit costs

total revenue - opportunity costs

total revenue - (explicit costs + implicit costs)

total revenue - implicit costs