Due by 11:59

FIE HWCH El Words of answers Fixed Marginal Cost Implicit Prot Variable Total Explicit lElan Cannot 1. costs are payments by the firm for factors of production or payments to suppliers and vendors. 2. costs are the opportunity costs of using resources conh'ihuted hy the firm when it engages in production. 3. Fixed inputs are factors that he increased or decreased in a short run in order to increase or decrease output. 4. Variable inputs are factors that he changed in a short time in order to increase or decrease output. 5. Economists use the term to mean the difference between a firm's total revenues and its costs, including both explicit and implicit costs. 6. The physical product curve shows the entire quantity of output a firm can produce, measured in physical units. 3'. Other things being equal, physical product is the amount by which output, expressed in physical units, increases because of adding one unit of a variahle input. 3. The principle of diminishing returns states that increasing the employment of some inputs while, others remain eventually leads to a decrease in marginal physical product. 9. Total cost can change with a change in the level of output