How the principle of diminishing marginal rate of technical substitution is related to the law of diminishing returns. 3 Marks
Assuming that supernatural profits can be made in the short run in a monopolistically competitive industry; will there be any difference in the long-run and short-run elasticity of demand? Justify your answer. 3 Marks
From the information given below: 5 Marks
TR = 100Q-Q2
Prove that the slope of marginal revenue (MR) is twice steeper than the slope of average revenue (AR) curve.
How can we achieve optimum combination of factors of production if: 5 Marks
MPPk > MPPL
PK PL
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