Explain the difference between explicit and implicit costs of production.

Economics of health care

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write an answer of no less than one-half page in length for each of the first four questions below about economic concepts described in chapters 6 and 7 of the text,Economics of Health and Medical Care. Calculate and fill in the blanks for the table in question 5.

1. Explain the difference between explicit and implicit costs of production.

2. Explain the reasoning behind the U-shaped, long-run, average cost curve.

3. Explain the law of diminishing marginal returns.

4. Describe economies and diseconomies of scale.

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