Define: explicit costs, implicit costs, accounting profit, economic profit, short run, long run, fixed costs, variable costs, total costs, average fixed costs, average variable costs, average total costs, marginal costs.

**For the chart below- Please provide your answers in sentence form (numbers from top to bottom), since submitting them on the lines provided can lead to a mixing of answers when submitted. (i.e. submit as follows: TVC 111, 222, 333, TFC 100, 100, 100etc.

Complete the following:

Q W L TVC TFC TC AVC AFC ATC MC

100 50 10 ____ 100 ____ ____ ____ ____ X

150 50 20 ____ ____ ____ ___ ____ _____ ___

200 50 30 ____ ____ ____ ____ ____ _____ ___

Note that the 'X' in the MC column indicates that a value cannot be calculated for that space. Where: Q = output in tons, W= $50 per work shift,L = number of workers, Total Variable Cost (TVC) = W X L, Total Fixed Costs (TFC) = a given, the same at all output (Q)levels, Total Cost (TC) = TVC + TFC, Average Variable cost (AVC) = TVC/Q, Average Fixed Costs (AFC) = TFC/Q, Average Total Cost (ATC) = AVC + AFC, Marginal Cost (MC) = Change in TVC/ Change in Q