Answer the following questions.
Table 6.8 
Table 6.9 
Definitions:
Increasing Returns
A situation where the addition of more units of input results in a more-than-proportional increase in output.
Competitive Market
A market structure characterized by many buyers and sellers, such that no single party can dictate the market price.
Long-Run Cost
The total cost of production when all inputs, including both fixed and variable costs, are considered fully adjustable.
Economies Of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Q7: FIFO vs. LIFO.In comparing and contrasting FIFO
Q10: A firm with decreasing returns to scale
Q32: Exchange of Assets.Assume that the following cases
Q38: Suppose a consumer spends $100 of income
Q39: Behavioral economists find that people are _;
Q45: The market for cod liver oil pills
Q46: Average variable cost is minimized at the
Q72: The net income for the year
Q74: (Graph) Complete the table, assuming each customer
Q75: A basic assumption of production is that