Production,+Process,+and+Costs

Production Processes, and Costs

Opportunity costs including implicit costs and explicit costs

Profit - the difference between economic and accounting costs, economic profit, economic losses, and zero economic profit

Value of the firm

Total cost including implicit and explicit costs

Average cost (long run and short run)

economies of scale, diseconomies of scale, constant returns to scale

Average variable cost

Economies of scope

Marginal revenue product

Efficiency in production