Please Provide specific details, mustration, graph, and calculation where needed) Q. 1. a) Differentiate between a short-run average cost curve and a long-run average cost curve. b) Are diminishing marginal productivity and diseconomies of scale the same thing? Explain why or why not. c) Assume that a firm's total cost of producing an output of 600 units is currently $24 000. If TC increases to $48 000 and the price of inputs and technology remain unchanged, calculate the change in AC and state whether constant returns, economies or diseconomies of scale exist for each case below: Output increases to 1100 Output increases to 1250 Output increases to 1200 Q. 2 a) Discuss the difference between increasing returns and economies of scale. b) Suppose it takes 50 workers and 80 units of capital to product 400 televisions a day. If 55 workers and 88 units of capital are involved in producing 444 units of televisions a day, is the firm experiencing increasing returns to scale, constant returns, or decreasing returns to scale? c) Each of the following statements describes a market structure. What would you expect the long run average cost curve to look like for a representative firm in each industry? Graph the curve and indicate the minimum efficient scale (MES). i) There are a few large firms in the industry ii) There are many firms in the industry, each small relative to the size of the market