What do a firm's opportunity costs of production amount to?   Question 13 options:   explicit costs, implicit costs, and total revenue combined   implicit costs only   explicit costs and implicit costs combined   explicit costs only

2. A student foregoes her annual summer job (paying in total $3,200) in order to operate a sandwich shop. Rent and other fixed costs are $1,500 for the entire season. Variable cost per sandwich is $0.50. a) What is the opportunity cost for the student? Explain. b) Derive the expressions for the total accounting cost and total economic cost. c) Suppose that the sandwich shop generates a positive total accounting profit of $2,000. Accounting for total economic costs, should the student operate the shop? Explain.

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Q.4 Marginal Cost is closely related to: (a) Total variable cost (b) Total cost (c) Total fixed cost (d) All of the above