What is difference between explicit and implicit cost? AssignmentTutorOnline | Good Grade Guarantee!
1. Complete Table 1. Summarize your calculations and use Microsoft Excel.2. Using Excel, draw one graph showing average fixed costs, average variable costs,average total costs, marginal revenue, and marginal costs.3. Using the data in the table and on your graph, what is the profit maximizing, orloss minimizing level of output? Explain and justify your answers.4. What is a normal profit? What is an economic profit? Explain your answer usingexamples. Are normal profits being earned in this example? Are economic profitspresent for this firm in this example? Explain your answers.5. Given the data in the table and the graph, how could you determine or identify theoptimal plant size?6. What is the difference between explicit and implicit cost? Explain your answers.7. How would we determine if a cost is a fixed cost or a variable cost?Present your analysis in Microsoft Excel format. Enter non-numerical responses in thesame worksheet using textboxes. If you want to learn how to use Microsoft Excel tocreate curves, refer to the Microsoft Excel tutorials.
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