| University | Singapore Management University (SMU) |
| Subject | Economics |
Question 1: Diminishing Returns
- Explain the law of diminishing returns.
- How does the law of diminishing returns explain the shape of the TP curve?
- What is the relationship between the AP curve and the MP curve?
- What is the relationship between the MP curve and the MC curve?
Question 2:
1. Calculation of Cost
- Use the following formulae to complete the table in the next page
- TC = TFC + TVC
- MC = Change in TC/Change in Output
- AFC = TFC/Q
- AVC= TVC/Q
- ATC = TC/Q = AFC + AVC
Stuck with a lot of homework assignments and feeling stressed ? Take professional academic assistance & Get 100% Plagiarism free papers
2. Cost Complete the following table
|
Q |
TFC | TVC | TC | MC | AFC | AVC |
ATC |
|
0 |
20 | 0 | – | – | – | – | |
|
1 |
5 |
|
|||||
| 2 | 8 |
|
|||||
|
3 |
13 | ||||||
|
4 |
20 |
|
Question 3: Cost Curves
(a) What is the relationship between the average total cost curve, average variable cost curve, and marginal cost curve?
(b) Explain why the short-run average total cost curve is U-shaped.
(c) Explain why the long-run average total cost curve is U-shaped.
Hire expert assignment writers of Singapore Assignment Help to accomplish your economics homework on-time. Our assignment experts make sure that your Introductions to economics assignments are done with utmost priority, thus, improving your skills in writing and understanding international economics and its concepts so that you can score high-marks at Singapore Management University.
Looking for Plagiarism free Answers for your college/ university Assignments.
- ComfortDelGro Organisational Design Assignment Report: ESG Alignment with UNGC Principles & Sustainability Strategy
- Bomb Threat Management Assignment: Incident Response Plan for High-Risk Facilities in Singapore
- Security Concept Plan Assignment Report: International School Campus Protection Strategy at Jurong East
- CM3065 Intelligent Signal Processing Assignment Report: Midterm Exercises on Audio Captcha, Steganography & Speech Recognition
- BUS306 Risk Assessment Case Study: Outback Retail Ltd Audit Strategy and Substantive Testing Plan
- PSB6013CL Digital Marketing Strategies Project: Exploring Consumer Purchase Intentions in the Fashion E-Commerce Industry
- FinTech Disruption Assignment Report: Case Study on Digital Transformation in Financial Services Industry
- Strategic Management Assignment : Netflix vs Airbnb Case Analysis on Competitive Strategy and Innovation
- Strategic Management Assignment Report: Unilever Case Study on Industry Analysis and Growth Strategy
- PSB6008CL Social Entrepreneurship Assignment Report: XYZ Case Study on Innovation and Sustainable Impact