Production, Costs, Business Structure, and Perfect Competition Purpose: The purpose of this discussion forum is to allow you the opportunity to review and discuss the course material learned in Chapters 7 8 of your course textbook. Parameters: Your intial thread must be 250300 words in length and demonstrate course-related applications of knowledge and skills learned Your 2 replies must be 150200 words in length each, and bo substantive in content, adding meaningful insights to the discussion at hand. You should compose your initial thread, as well as your replies, in a professional format, induding complete, cohorent sentences. Your writing within discussion forums should demonstrate your ability to apply the basic nules of grammar and writing mechanics within professional settings Initial Thread Prompt: You may ask questions about or discuss any of the material covered in Chapters 7-8. Some examples of topics to consider are as follows: 1. Explainthe difference between explicit costs and implict costs 2 Discuss the relationship between cost and revenue 3. How to identy economies of scale, diseconomies of scale, and consiant returns to scalo 4 Interpret graphs of long-run average cost curves and short-run avorage cost curves 5 Explain how entry and exit lead to zoro profits in the long run 6. Analyze cost and production in the long run and short run 7. Explain the characteristics of a perfectly competitive market 5. Discuss how perfectly competive frms react in the short run and in the long run Replies Prompt: You will respond to nwo of your classmates' initial posts with responses asking questians, finding connections, providing examples. and moving the conversation forward. is there a particular thead you agree or disagree with? It so, why? is there a point that e classmate could have expounded upon a bit more? if so, constructively provide feedback. Your inital thread is due by 11:59pm. (CT) on Thursday of ModuleWeek 3 . Your 2 reples are due by 11.59pm. (Cr) on Sunday of Modulembek 3