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Refer to the “Supply and Production Costs” document for assignment instructions.
HCA530.R.SupplyProductionCost_student_8-15-14.doc
Supply and Production Costs
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.
- Explain the difference between explicit and implicit costs of production.
- Explain the reasoning behind the U-shaped, long-run, average cost curve.
- Explain the law of diminishing marginal returns.
- Describe economies and diseconomies of scale.
- Given the following data, calculate the total fixed total variable and marginal costs at each level of production.

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Sample Answer:
Explain the reasoning behind the U-shaped, long run, average cost curve.
In a short run, cost curve has the U-shaped due to diminishing returns. It is the period when one factor of production remains fixed. The graph may indicate a decline in the average costs going up to a particular point at which this trend may reverse and move upwards again. The main reason for this in a short run is that capital remained fixed and labor is variable. There exists no practical addition or replacement in capital (Huettner, 2016). It implies that a person….
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