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Why does cost exist? What is implicit cost? What is explicit cost? How is Accounting profit different from Economic profit? How do you define the
Why does cost exist? What is implicit cost? What is explicit cost? How is Accounting profit different from Economic profit? How do you define the short run and long run? What is the production function? What is total product? Of ssode How What is Marginal product of labour? What is average product of labour? List 3 relationships between Mp, Ap and Tp What are fixed costs? What are variable costs? What is total costs
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