1. Explain the 3 main examples of how isoquants and is costs are used in industry. Explain how would this vary when applying these to services?
2. Explain 3 circumstances when the producer surplus happens. Are these situations justifiable in an efficient market?
3. Explain in details the ways that a monopoly is inefficient?
4. Discuss how do changing income levels impact consumer and investment spending? How can the tax structure encourage consumer and investment spending?
5. Why is it so difficult to calculate production costs and efficiency matters for service industries?