1DEFINE AVERAGE FIXED COST, AVERAGE TOTAL COST, AND AVERAGE VARIABLE COST, AS WELL AS TOTAL COST, TOTAL FIXED COST AND TOTAL VARIABLE COST 2 DEFINE GAME THEORY, PAYOFF MATRIX/TABLE AND NASH...

1DEFINE AVERAGE FIXED COST, AVERAGE TOTAL COST, AND AVERAGE VARIABLE COST, AS WELL AS TOTAL COST, TOTAL FIXED COST AND TOTAL VARIABLE COST

2 DEFINE GAME THEORY, PAYOFF MATRIX/TABLE AND NASH EQUILIBRIUM, AND EXPLAIN HOW THESE ARE USEFUL IN THE WORLD OF BUSINESS USING A REAL WORLD ACTUAL BUSINESS

3 DEFINE EXPECTED UTILTY RULE AND EXPECTED VALUE RULE AND DISCUSS WHEN THESE RULES WOULD BE USED IN BUSINESS

4 DESCRIBE A PRODUCT OR SERVICE YOU ARE FAMILIAR WITH THAT IS A NATURAL MONOPOLY AND EXPLAIN WHY IT IS A NATURAL MONOPOLY IT IS ECONOMICALLY EFFICIENT TO ALLOW THIS MONOPOLY TO CONTINUE OR IS THERE A BETTER SOLUTION FOR THIS PRODUCT? EXPLAIN YOUR ANSWER