Question

Economic costs of production differ from accounting costs in that

Answer 1

Answer:

economic cost adds the opportunity cost of a firm using its own resources while accounting cost does not.

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Answer 2

Answer:

The cost and production function could be related through the curves of total production and total cost. Initially, the total cost is higher compared to the total product because of the higher fixed cost. In the long run, the increase in output surpasses an increase in cost.

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