Be as specific as possible and always include explanations that describe your reasoning.

Suppose you're writing a report for the CEO of a wind power company. The CEO has the following questions she would like analyzed and answered as well as possible.

1.The CEO is considering production decisions in the short-run and the long-run. In economics, what defines the short-run period from the long-run period? How do the considerations and actions available in the short-run differ from those in the long-run? How might these differences affect production decisions?

3.What is Marginal Revenue and how do you calculate it? Suppose the Price Elasticity of Demand in the market for wind power is 1.12. If the CEO is interested in increasing revenue, how should the CEO adjust the price she charges for wind energy, and hence, the quantity of wind energy sold in the market? What is the relationship, in general, between the Price Elasticity of Demand and Total Revenue?