1. What is the formula to calculate profits?

2. Define Explicit and Implicit Costs.

3. Define Economic Profit and Accounting Profit.

4. Define Production Function, Marginal Product, and Diminishing Marginal Product.

5. Define Fixed Costs and Variable Costs.

5. Provide the formula/calculation for the following costs: Average Total Cost, Average Fixed Cost, Average Variable Cost, Marginal Cost.

6. Define Minimum Average Cost and Efficient Scale.

7. Define Economies of Scale, Diseconomies of Scale, Constant returns to scale.