Project Description:

6-1) explain the difference between a short-run and long-in a run production function. cite one example of this difference in a business situation.

6-3) what are the key points in a short-run production function that delineate the three stages of production? explain the relationship between the law of diminishing returns and the three stages of production.

6-5) define returns of scale. why is this considered a long-run phenomenon?

7-1) define and compare the following types of cost:
a) sunk cost verses incremental cost.
b) fixed cost versus variable cost.
c) incremental cost versus marginal cost.
d) opprotunity cost versus out-of-pocket cost.

7-3) explain the relationship between a firm's short-run production function and its short-run cost function. focus on the marginal product of an input and the marginal cost of production.

7-6) define economies of scale. how does this relate to returns to scale? cite and briefly discuss the main determinants of economic scale.
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