Question: 1.1 Differentiate with examples, total cost (TC), total fixed cost (TFC) and total variable cost (TVC). (6 marks) 1.2 Explain with examples, the following; (9

1.1 Differentiate with examples, total cost (TC), total fixed cost (TFC) and total variable cost (TVC).

(6 marks)

1.2 Explain with examples, the following; (9 marks)

1.2.1 Constant returns to scale.

1.2.2 Increasing returns to scale.

1.2.3 Decreasing returns to scale.

1.3 Distinguish between explicit costs and implicit costs. (5 marks)

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