Economic importance of apl and mpl


Question 1:

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

Question 2:

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

Question 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?

Question 4:

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

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

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Microeconomics: Economic importance of apl and mpl
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