Questions And Topics We Can Help You To Answer

1-Explain why demand is more elastic in the long run than in the short run. 
2-Explain why supply is more elastic in the long run. 
3-State the law of diminishing marginal utility. What does this law have to do with explaining consumer behavior? What is consumer surplus? How is consumer surplus related to the law of diminishing marginal utility? 
4-Explain how a demand curve can be derived using utility theory. 
5-Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain. 

Each response should be at least 75 words in length.  All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.