This is a question and answer assignment. The answers are to be answered thoroughly. The answers to the questions must be referenced from the corresponding chapters. I have uploaded chapters 5 and 6 on the files which is where the answers need to come from and no where else. Please do not site anything from the chapters but simply look at what the chapter says and then use that to answer the question thoroughly. Each answer will need to be 5-6 sentences (thoroughly) and the answer will need to completely be from the chapter without being sourced. Again the answer you get from the chapter can be a reference that does not require a citation and is in your own words. The chapters and their questions are below with the correspondong chapters attached as word documents.
Chapter 5
1. Explain what is meant by a production function.
2. Distinguish between returns to scale and returns to a factor.
3. Define and describe the relationship among total, marginal, and average costs.
4. Describe the connection between production and cost functions.
5. Distinguish between short- and long-run costs curves.
6. Define fixed and variable costs and their role in decision making.
7. Explain long-run costs, sources of economies and diseconomies of scale and scope, and the notion of minimum efficient scale.
8. Explain why MR = MC at the profit maximizing output.
9. Discuss how many units of a factor (such as labor) a firm should purchase at different factor prices.
Chapter 6:
1. List the basic characteristics of market structure.
2. Explain why perfect competition is a useful benchmark model.
3. Explain a firm’s short-run supply decision and firm and industry supply curves.
4. Explain shutdown and exit decisions.
5. Explain graphically and intuitively long-run equilibrium and how changes in a market affect the equilibrium in the short and long run.
6. Explain the difference between a constant cost and increasing cost industry.
7. List possible barriers to entry in an industry.
8. Contrast the monopolistic and competitive market outcomes.
9. Define oligopoly and Nash Equilibrium.
10. Describe standard economic models of oligopolies focusing on output and price competition, respectively.
11. Describe the “prisoner’s dilemma” and discuss how it relates to the incentives in cartels.
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