011 Production and Costs - Finns are successful when they not only meet demand, but also when they grow. Indeed, understanding the costs of growth is where managerial economics comes in handy. Define, discuss, and illustrate the following relationships within a typical firm: a. MC, ATC, AFC, AVG i. In essence, provide a scenario, illustrate the curves and explain what the curves represent h. Additionally, show a firm experiencing economies and diseconomies of scale 1. What do these phenomena mean? On Mankiw's Top Ten & Zenger's Corporate Theory 3. 1n Exam One, you were asked to develop three of Mankiw's best principles that help you to dene economics. Now that your journey has broadened since then, which of Mankiw's additional three help you more fully explain economics? Support your response with an illustrationimodel if applicable. 1). Separately, we will now complete the three schools of thought 'on competition'. Referring to Zenger's Corporate Theory, what is he teaching us to do to achieve winning, competitive results and sustainable results? How does Zenger's assertion di'er from Porte r? What is the essence of corporate theory