Explain the Law of Diminishing Returns: Introductions to Economics Assignment, SMU, Singapore

University Singapore Management University (SMU)
Subject Economics

Question 1: Diminishing Returns

  1. Explain the law of diminishing returns.
  2. How does the law of diminishing returns explain the shape of the TP curve?
  3. What is the relationship between the AP curve and the MP curve?
  4. 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.

Get Help By Expert

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.

Answer

Looking for Plagiarism free Answers for your college/ university Assignments.

Recent Solved Questions

Ask Your Homework Today!

We have over 1000 academic writers ready and waiting to help you achieve academic success