1. What are the factors of production or resources used by the business to make its product?
2. Explain returns to scale.
3. What is economies of scale?
4. How is returns to scale related to an isoquant?
5. Explain returns to factor.
6. What is economies of scope?
7. How is returns to factor related to an isocost?
8. Distinguish between fixed and variable costs.
9. Compare long-run and short-run costs.
10. Analyze the small business that you are studying in terms of their production and costs.
11. What are the resources or factors of production used in making the product of the business?
12. Do you think the business can apply economies of scale? How?
13. How do you think can the business apply economies of scope?
14. What are the fixed costs and variable costs of the company?
15. Cite some of the opportunity costs of the company.