Would you consider an interest payment on a loan to a firm an explicit or implicit cost? What is the difference between accounting and economic profit? What is a production function? What is the difference between a fixed input and a variable input? How do we calculate marginal product? What shapes would you generally expect a total product curve and a marginal product curve to have? What are the factor payments for land, labor, and capital? What is the difference between fixed costs and variable costs? How do we calculate each of the following: marginal cost, average total cost, and average variable cost? What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs