Question: QUESTION ONE [30] 1.1 Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate your answer. (15) 1.2 Explain the

QUESTION ONE [30] 1.1 Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate your answer. (15) 1.2 Explain the three categories of returns to scale relating to the long-run average cost curve. (15) QUESTION TWO [25] 2.1 Illustrate and examine how the individual supply of labor curve demonstrates the way an individual divides his/her time between work and leisure. (13) 2.2 Distinguish between income elasticity of demand and cross price elasticity of demand. Include in your answer a provision of their formula. (12)

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