a. To produce a certain amount of output, the company must detemine the appropriate combination of input usage. The analysis period for companies carrying out production activities can be divided into short term and long term. Explain the difference between short term and long term in this casel b. In the example below, to increase fish catches, an angler may not be able to increase the area of land he owns (due to limited funds). Altematively, he can increase his fishing hours so that his catch can increase. 2. a. In the long run, firms have more opportunities to change the use of inputs that previously could not be changed. Thus, the input that was previously a fixed input, now changes to a variable input. Explain the difference between fixed input and changing input! b. In long-term production, the terms isoquant and isocost are also known, explain the meaning of these two terms and describe them! c. Producer equilibrium is said to be the desired optimal condition. Explain when the producer balance occurs and describe it, and what does the optimal condition mean? 3. a. In production activities to convert inputs into outputs, companies not only determine what inputs are needed, but also must consider the prices of these inputs which are the production costs of the output. Define total cost, average total cost, and marginal cost. How are these three costs related? b. Production costs also consist of short-term production costs and long-term production costs. Short-run production costs are derived from the short-run production function. From the data table below, answer each question b. Production costs also consist of short-term production costs and long-term production costs. Short-run production costs are derived from the short-run production function. From the data table below, answer each question asked! i. Compute the average variable cost, average total cost, and marginal cost for each number of glasses! ii. Draw the three curves. What is the relationship between the marginal cost curve and the average total cost curve? What is the relationship between the marginal cost curve and the average variable cost curve? Tell ! iii. Are there fixed costs in the above case? if so, how much is the