| 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.
- critique the law (the instrument) and makes recommendations to the team in the harmonization project on how the reformation of that law could be useful: Transnational Commercial Law Report
- Persuading Singaporeans to support Singapore’s present defence policy is becoming increasingly challenging: Military Studies Minor Essay, SUSS
- S3709C: propose a training regime to achieve the client’s goal(s) Maurice is a 40-year-old foreign exchange trader: Fitness and Conditioning Coursework, RP
- Your manager has reviewed and satisfied with your engineering services delivering plan: Unit 35: Professional Engineering Management Report
- CSCI361: you are to design and implement (t, n) Shamir’s secret sharing scheme as described in the lecture in C++, Java or Python: Cryptography and Secure Applications Assignment, UOW
- BME215e: The ongoing global pandemic of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infections is causing deaths daily: Clinical Trials Report, SUSS
- HBC201: Studies have suggested that people suffering from depressive disorders tend to seek support from their families: Research Methods for the Social and Behavioural Sciences Assignment, SUSS
- HRM263: The Coronavirus Disease 2019 (COVID-19) pandemic is caused by a highly infectious virus that could have severe health consequences: Team Dynamics Assignment, SUSS
- OMGT2228: A well-known commercial bank in Australia is interested in estimating the number of new bank account opened by customers in each year: OPERATIONS MANAGEMENT Assignment, RMIT
- HCM551: The CHRO has recently attended a conference – “The Future of Work after Covid” and “Total Rewards Management in the New Normal: Human Capital Management in the New Normal Assignment, SUSS