Suppose you are a business owner and are in the short run.

1. In terms of microeconomics and Chapter 13, what is the difference between the short run and long run?
2. After you hire your first employee, your total output doubles. As you hire more and more employees, do you think your output will continue to double with each employee hired?Why or why not?In your response, include a discussion of diminishing marginal returns.
3. Does diminishing marginal product mean that total output is declining? Why or why not?
4. What is the relationship between the shape of the production function and the shape of the total cost curve? In your answer, discuss what happens to the production function curve and what happens to the total cost curve as output increases.Also discuss the reasoning behind the changes in their slopes.