1. A firm has a total revenue of $50,000 and the following costs: labour ($5000), equipment rental ($6000), rent (7000), insurance ($3500), advertising ($2500). Before starting this business the entrepreneur was working for another form, earning $20,000. Economic profit is

2. A production function is given by where L is the quantity of labour and Yis output. Find the Average product of labour (APL) when and find the function of Marginal product of labour (MP), And then calculate the marginal product of the first unit of labour is

3.What is Bounded rationality, (with example)

4.what Satisfcing means