Chapter 7.A, Problem 2AQ

Help me answer this review question. Fill in the Blanks.  If the marginal cost equals average cost, we are at the________point of the_________ curve. Over the positively sloped portion of the short-run average cost curve, the effect of productivity dominates the effect of__________.

How is the short-run average cost curve and the long-run average cost curve-shaped? What is the difference between them?

What is the difference between a feasible production plan in the short run and in the long run? Give an example of a real product and the major inputs necessary to produce the product and then a short run and long run production plan.