1. Explain in detail with examples economic cost of production (by identifying types of production and productive efficiency) and economic profit (by comparing it detail with accounting profit). 2. Explain in detail with examples production in short run (total, average and marginal and law of diminishing marginal returns) and short run-costs and production in long-run (increasing returns to scale, constant returns to scale and decreasing returns to scale) and long-run costs. B. Based on Perfect Competition: 3 Marks each 3. Explain in detail with examples four main market structures and the main differences among them citing market power and entry barriers. 4. Describe the profit-maximizing output rule and explain how perfect competitors use in the short run and perfect competitive markets adjust in the long run and the benefits they provide to consumers. Page 1 of 2