Q1. Describe the significance of Opportunity cost.
Q2. describe why is short run average cost curve U-shaped?
Q3. Distinguish marginal cost with the average cost.
Q4. What do you mean by envelope curve?
Q5. Illustrate the meaning of economies of scale?
Q6. prepare down the main types of external economies?
Q7. Illustrate the meaning of the term ‘Cost control’?
Q8. Describe the areas of cost control.
Q9. Distinguish between cost control with the cost reduction.
Q10. What do you mean by break-even analysis?