Describe some of the explicit and implicit costs of obtaining a college degree. If two baristas can produce 200 espresso drinks per shift and three baristas can produce 275 espresso drinks, what is the marginal product of the third barista? What shapes would you expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs? What prevents a perfectly competitive company from seeking greater profits by increasing the price it charges? Why would it be irrational for a perfectly competitive company to lower the price it charges for its products?

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