Micro economic Watch

tlupiya
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Briefly outline what is meant by total and marginal utility and explain the law of diminishing marginal utility. Using marginal utility theory, when is a consumer in equilibrium?

Outline what is meant by an indifference curve. Using indifference curve analysis show, withthe aid of a diagram, how a consumer maximises satisfaction from a given expenditure ontwo goods.

Define the terms ‘isoquant’ and ‘isocost’. What is meant by the least-cost process of production?

Using a particular industry or sector, explain what is meant by economies of scale and economies of scope. How have these affected the sector you have identified?
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Speckle
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So you just copy and pasted your entire homework? Half of these questions are just definitions. Have you even tried to look them up?
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