Q1 elucidate relationship among production curves average

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Q1. Elucidate relationship among production curves average product and marginal product also cost curves average variable cost, average total cost and marginal cost. If technology were to improve what would happen to the production and cost curves? If possible, use graphs to explain your answer.

Q2. Bill has a efficacy function over food in addition to gasoline with equation U = x2y, where x measures the quantity of food which is consumed and y measures the quantity of gasoline. Elucidate a consumer with this utility function believe that more is better for each good.

Reference no: EM13352557

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