1. What is the relationship between a firm's total revenue, profit and total cost?
2. Explain the differences between explicit and implicit costs and give an example of each and explain why and an accountant's idea of profit might not be important to an entrepreneur's idea of cost in starting a business.
3. What is marginal product and how does the diminishing marginal product graph differ from a firm losing money?
4. Define algebraically how total cost, fixed average cost, average variable costs and marginal costs differ and yet are related?
5. Draw and scan if necessary what the graph of a MC, and both AC of the fixed and variable variety may look like. And explain what is happening as they cross each other and what that might mean. It doesn't have to be perfect.
6. Define the 3 states of Economies of scale and graph it and tell what each means. If you need to draw it and scan it that is OK too, this is because I believe that it is more important that your knowing what it means is better than how perfectly your graphs set up looks.