Question: a) Briefly explain the difference between short run and long run. b) Briefly explain the difference between implicit and explicit cost. c)how does economic and

a) Briefly explain the difference between short run and long run.

b) Briefly explain the difference between implicit and explicit cost.

c)how does economic and accounting profit differ?

d) Define marginal cost, marginal product and marginal returns

e) Define increasing and decreasing marginal product of labor.

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