Define the following terms  Average fixed cost
Question # 00659400
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Updated on: 03/08/2018 10:18 AM Due on: 03/08/2018
Question One:
Define the following terms
 Average fixed cost
 Average total cost
 Average variable cost
 Total Cost
 Total fixed cost
 Total variable cost
Question Two:
 Game theory
 Payoff matrix/table
 Nash equilibrium
2b
Explain how these are useful in the world of business using a real world actual business.
Question Three
 Expected utility
 Expected value rule
 Explain when these rules are used in the business
Question Four
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.

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Solution: Define the following terms  Average fixed cost