Explain the relative advantages and disadvantages of time-series and crosssection studies for…

1. Explain the relative advantages and disadvantages of time-series and crosssection studies for estimating cost functions in the short run.

2. Explain the relative advantages and disadvantages of time-series and crosssection studies for estimating cost functions in the long run.

3. Explain the relative advantages and disadvantages of using a polynomial cost function compared with a power function for a long-run analysis.