Instructions: Please Define the Following Key Terms

question 18

Essay

Instructions: Please define the following key terms.
-Richard I

Understand the distinction between and applications of algorithms and heuristics in solving complex problems.

Understand the difference between the short run and the long run in economics and the implications for production and firm operation.

Identify and calculate marginal, average, and total products from given data.

Differentiate between economic profits, accounting profits, and normal profits, and calculate them using explicit and implicit costs.