Please help and explain

2. Suppose you own a fast-food restaurant with typically shaped isoquants. Sketch a cost minimization graph and label the expansion path. Now suppose the wages increases. What will happen to the expansion path? Show and explain. 3 . Define economies of scale. A firm is producing 10,000 units of output at a total cost of $5,000. If the firm increases output by 5,000 units and its total costs rise by $2,000, use the definition and show calculations to indicate whether the firm is experiencing economies or diseconomies of scale. 4. The graph below represents isoquants and isocost lines for a firm. Suppose capital costs $20, labor costs $20, Q1 = 100 and Q2 = 200. In the short run, capital is fixed at 6. Use the graph below to identify: a. Two points on the firm's Capital long run total cost curve 20 - 18 - 16- 14- 12 - b. 10 - W Two points on the firm's short run total cost 8 - curve 10 12 14 15 16 18 20 Labor C. Fill in the blank: Long-run costs are always short-run costs