What is the distinction between the short run and long run in production? What is diminishing marginal returns/diminishing marginal productivity? Explain why diminishing marginal returns happens in the short run. What is the relationship between the marginal product and average product of laborin the short run? Draw ATC, AVC and MC curves. What is the relationship between the MC curve and the two average cost curves (ATC and AVC)? Discuss the shape of the long run ATC. In depth explanation