Question;1)Describe three examples of how isoquants and isocosts are used in industry. How would this vary when applying these to services?2)Describe three circumstances when producer surplus happens. Are these situations justifiable in an efficient market?3) Briefly describe the ways that a monopoly is inefficient?4)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? Briefly provide two examples.
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