The discipline is Managerial Economics. Please answer the following:
Answer the following questions:

1) Explain the relative advantages and disadvantages of each of the following:

a.)Time-series and cross-section studies for estimating cost functions in the short run and long run.
b.) using a polynomial cost function compared with a power function for a long-run analysis.

2) Explain and provide an example of how the a firm might gain economies of scope without gaining economies of scale.

 

 

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