Question One: Define the following terms Average fixed cost Average total cost Average variable cost

Question One:

Define the following terms Average fixed cost Average total cost Average variable cost Total Cost Total fixed cost Total variable cost

Question Two: Game theory Payoff matrix/table Nash equilibrium

2b

Explain how these are useful in the world of business using a real world actual business

Question Three Expected utility Expected value rule Explain when these rules are used in the business

Question Four

Describe a product or service you are familiar with that is a natural monopoly and explain why it is a natural monopoly It is economically efficient to allow this monopoly to continue or is there a better solution for this product? Explain your answer