question 1a explain giving examples the law of, Business Economics

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question 1a explain giving examples the law of

Question 1:

(a) Explain, giving examples, the law of diminishing returns, clearly bringing out the relationship between cost curves and product curves in the short run.

(b) Analyse the effects of returns to scale on the cost of production of a firm in the long run.

Question 2:

(a) Explain how airfares are determined by airline companies.

(b) Analyse and comment on the pricing strategy adopted by a few airline companies that decide to collude in the long run and form a cartel for a particular air-route.

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