Question: 1. Drawand label a graph that represents a short-run production function for a firm, with physical capital as the fixed factor of production and labor

1. Drawand label a graph that represents a short-run production function for a firm, with physical capital as the fixed factor of production and labor as the variable factor. Briefly explain why the production function does not have a linear shape. You can draw and take a picture and post it.

2. Explain the concept of "Minimum Efficient Scale" with a graph.

3. What is the price elasticity of demand? Please use a graph.

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