Homework for Monday 10/19 (Due Tuesday, 10/20) Read pages 197 – 202 (stop at “Short-Run Production Costs.”) 1. Explain the difference between explicit and implicit costs. 2. Explain the difference between normal profit and economic profit 3. For a firm, what distinguishes the short run from the long run? – DO NOT just say “time.” How much time? Time to do what? 4. Define: total product, marginal product, average product 5. Explain the “law of diminishing marginal returns.” 6. Look at the graph on p. 203. When does total product begin to decrease? When does average product begin to decrease? 7. Do the quick quiz below the graph and check your answers.