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{"ops":[{"insert":"1.1 Discuss the relationship between the three short-run total cost curves. Use a\ndiagram to motivate your answer.\n1.2 Explain the three categories of returns to scale relating to the long-run average\ncost curve.\u00a0\n2.1 Illustrate and examine how the individual supply of labor curve demonstrates the\nway an individual divides his\/her time between work and leisure.\n2.2 Distinguish between income elasticity of demand and cross price elasticity of\ndemand. Include in your answer a provision of their formula.\n3.1 Explain the three possible profit maximizing positions of perfectly competitive\nfirms in the short-run.\n3.2 Describe the nature of the goods produced by a monopolistically competitive\nfirm.\n4.1 Distinguish between the short-run aggregate supply curve and the long-run\naggregate supply curve.\nProcess control and acceptance sampling are two types of quality control that\norganizations utilize. In light of the above explain which type would be more\nsuitable for a manufacturing canned beverage\n"}]}

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