Problem
What is the relationship (if any) between production technology (i.e. productivity) and cost ? In your analysis define the various cost structures (short-run & long-run); Describe the difference between accounting versus economic profit assessing in detail the different cost definitions (explicit versus implicit). How does the concept of diminishing returns affect the total product curve and the shape / direction of marginal cost?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.