"Construct a singular yet organized explanation in which you include all following microeconomic aspects" (also attached) 1- Describe a firm, real or hypothetical. Mention to which industry it belongs and if it has only one plant or many plants

2- Give examples of short-run analysis and long-run analysis for the chosen firm 3- Mention examples of explicit cost and implicit cost for the chosen firm 4- Mention what is the goal of the chosen firm 5- Explain in which situation the chosen firm would have positive economic profits, in which situations it would have normal economic profits, and in which situations it would have an economic loss. Also, explain in which situations the chosen firm would have to go out of business

6- Mention examples of variable costs and fixed costs for the chosen firm

7- Explain in which situations the firm would have increasing marginal returns and in which situations it would have decreasing marginal returns in the short-run

8- Explain in which situations the firm may have economies of scale and in which situations it may have diseconomies of scale in the long-run

9- Describe how the chosen firm would find the efficient level of output in the short run and how it would find it in the long-run

10- Mention how the chosen firm would use price-elasticity of demand, income-elasticity of demand, and cross-elasticity of demand to make better decisions

Describe a rm, real or hypothetical. Mention to which industry it belongs and if it has only one plant or many plants. Give examples of shortrun analysis and longrun analysis for the chosen rm. Mention examples of explicit cost and implicit cost for the chosen rm. Mention what is the goal of the chosen rm. Explain in which situation the chosen rm would have positive economic prots, in which situations it would have normal economic prots, and in which situations it would have an economic loss. Also explain in which situations the chosen rm would have to go out of business. Mention examples of variable costs and xed cost for the chosen rm. Explain in which situations the rm would have increasing marginal returns and in which situations it would have decreasing marginal returns in the short-run. Explain in which situations the rm may have economies of scale and in which situations it may have diseconomies of scale in the long-run. Describe how the chosen rm would nd the efcient level of output in the short-run and how it would nd it in the long-run. Mention how the chosen rm would use price-elasticity of demand, income-elasticity of demand, and cross-elasticity of demand to make better decisions