Explain why the costs are categorized under explicit and implicit costs.

2. Explain why the costs are categorized under explicit and implicit costs.
3. Correctly identifies and discusses the costs that should be minimized to maximize profit.
4. Correctly computes marginal products per dollar for labor and capital.
5. Correctly identifies the factor of production that should be increased to minimize costs.
6. Explains the cost minimization rule.
7. Correctly identifies fixed and variable costs.
8. Provides examples for fixed and variable inputs.
9. Explains business decisions that increase productivity, minimize costs, and maximize profit.

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