(Revised) Please be specific and detailed in answering each of the discussion questions below. (Note: Number of pages to answer all questions, if required, should be no more than 7 pages) Finally, please list my questions before each of your detailed responses so I can follow along with clarity.
1. Describe in detail what are the differences between short and long run costs?
2. For the short run, describe what the relationship is between Cost Theory and Production Theory and the Concept of Diminishing Returns?
3. Illustrate out the term diminishing returns and how does it shape production and cost curves?
4. Discuss what the relationship is between short run cost curves and long run cost curves?
5. Finally discuss the concept of Economics of Scale and how long run costs curves shape the economic structure of industries?