1) Demonstrate the relationship between production and costs and the relationship between sales and revenues. 2) What key assumptions for perfect competition would lead you to believe that fast food is not a perfectly competitive industry? Explain answer with details. 3) If a I college leadership sought your advice on setting tuition, why would it matter if your college was the only college for miles? 4) We assume that the price to all consumers is the same. List the 2 times or cases where the price to one person is different from the price to another. Why might a firm of business do this? 5) Define the basic vocabulary of macroeconomics. Choose any 4 terms. 6) Describe how the economy is measured. 7) Suppose I walked into an unemployment office and found the following people waiting to be helped: a) Laid off Santa Clause b) An Unemployed auto industry worker ( who is subject to possible call back by his former employer) c) A nurse who moved to town, because his spouse recently started a new job. d) A women whose company relocated to Mexico Assign the following labels to the people above, cyclically unemployed, frictionally unemployed, structurally unemployed, and seasonally unemployed. Then, explain assignments of the terms of each person.