1. Wisconsin being known as the "Dairy State", discuss the economic concept of "Spilt Milk" as it relates to costs.

Discuss costs relative to short-run and long-run decision making.

2.Discuss the characteristics of a competitive market and why it is sometimes called a "perfectly competitive " market.

Then give some examples of the types of competitive firms.

3.Discuss the differences between economic profits and accounting profits and give an example of an opportunity cost that an accountant would not count as a cost.