Please write a brief discussion about the following.
1- What would happen to a firm’s total cost curve if it spent additional money to train its workers? What would happen to the firm’s average total cost curve if this worker training proved to be effective? Your answer should include a discussion as to how the firm’s cost curves will shift.
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2- Small dairy farmers are considered to be operating in what is close to a perfectly competitive market. Chances are you have seen the advertisement Got Milk? This advertisement represents the entire milk industry and not an individual dairy farmer. Why do you think the milk industry advertises but the individual dairy farmers in the industry do not advertise?
3- In a given intersection of your city there may be two or more gas station/convenience stores and not all pumps are in use at any point in time. In what kind of market do gas station/convenience stores generally operate? Base on your understanding of this particular market, how would you explain that all pumps are not being used at the same time (in other words there is idle capacity)?