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