mrski-apecon-2008

1. Bob would not want to switch being a teacher because his accounting profit would be 120,000 minus 200,000 (just explicit cost ). and His economic profit would be 120,000 minus (200,000 + 6,000) both his explicit and implicit cost

2. Production function and total cost curve reflect diminishing marginal product bc it gets flatter or steeper as production rises, which means that its productivity decreases.

3. a