1. Describe the relationship between marginal cost and average cost.2. Under what condition should a competitive firm shut down in the short run?3. How does the demand curve for monopolist firm differs from the demand curve for firms in competitive market structures?4. Assume that two interior design companies, Alistair and Baine,are competing for customers and if they both advertise or not advertise, the following pair of table results: (Table is given below) a) Does each firm have a dominant strategy and if so what is it?b) What is the Nash equilibrium? 5. But forms in perfect competitive marketing and monopolist competitive market is have in common? how they are different in long run? explain using appropriate graphs

Alistair's (A) Choices Advertise Don't Advertise Advertise A: $30 million A: $20 million Baine's (B) B: $30 million B: $40 million Choices Don't Advertise A: $40 million A: $50 million B: $20 million B: $50 million