Define the following terms - Average fixed cost

Question One:

Define the following terms

1. Average fixed cost
2. Average total cost
3. Average variable cost
4. Total Cost
5. Total fixed cost
6. Total variable cost

Question Two:

1. Game theory
2. Payoff matrix/table
3. Nash equilibrium

2b

Explain how these are useful in the world of business using a real world actual business.

Question Three

1. Expected utility
2. Expected value rule
3. 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.