Problem
1. List as many cost concepts as you recall and explain each one and the purpose and justification for it.
2. What would distinguish the short-run cost from the long-run cost? Compare their major concepts.
3. What would determine the shape of the average cost curve in both the short-run and long-run? List the similarities and differences and draw both curves.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.