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  • 1. ECON3 WWW.AQUINASECONOMICSA2.CO.UK @AQUINASECONOMIC The Theory of Production Short Run Production Answer all the questions below 1. Define all of the following terms: a. Total Costs b. Fixed Costs c. Variable Costs d. Short Run e. Long Run f. Marginal Product 2. Explain why a firm in the short run will experience diminishing marginal returns 3. Explain the concept of depreciation 4. Explain the term productive efficiency 5. Explain the term optimal output 6. Draw a cost curve diagram showing the following curves a. Marginal Cost b. Average Total Cost c. Average Variable Costs d. Average Fixed Costs