Question: a. Why is implicit cost important? b. Assume labour is the only variable input, use a numerical example and explain the relationship between marginal product

a. Why is implicit cost important? b. Assume labour is the only variable input, use a numerical example and explain the relationship between marginal product of labour, marginal returns and marginal cost c. Assume ceteris paribus, at which stage of the relationship between marginal cost and average total cost will profit start to decline. Explain

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