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Use short notes and illustrations to answer the following questions:
i) Distinguish between an indifference curve and an isoquant
ii) Distinguish between substitution and income effect of a price fall for a normal good.
iii) Distinguish between internal and external economies of scale
iv) What is the law of diminishing returns and state the conditions under which it is tenable
v) The profit-maximizing output for a firm is at the point where MR = MC, illustrate and comment for the case of a firm that faces a downward-sloping demand curve.
summarize the basic tenets of the arguments in case
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assignment given to me about the methods of pricing of a product with five examples
compute the opportunity cost
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Keynesian economics policy could be distinguished from the classical economics as the main through of the classical theory is that supply creates its own demand which is described
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