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problem 1:

a) Describe the idea of production function.
b) Describe the properties of a production function?

problem 2:

a) Describe the idea of APL and MPL.
b) By employing the total product curve, describe the economic importance of APL and MPL.

problem 3:

a) Illustrate the law of variable proportions by illustrating the desirable suppositions.
b) Describe the graphical exercise of this law.
c) Illustrate the importance of the law?

problem 4:

a) Describe how you would derive an IQ.
b) Describe the properties of such an IQ?

problem 5: Describe in detail the concept of declining the MRTS on an IQ.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M912462

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