Introduction to micro and macro economics UE Past Papers Questions.

At a point where the marginal product per dolar spent on each input is equal, is the optimum point.

Answer / Solution

UNSOLVED

In stage one of a short run production function fixed inputs are underutilized; while in stage three fixed inputs capacity is reached.

Answer / Solution

UNSOLVED

The optimum point of production occurs where an isocost line is tangent to the isoquant.

Answer / Solution

UNSOLVED

Shabani graduate enterprises, has consulted you to help them assess their cost . They have provided you with data for their fixd and variable cost, help them assess their total costs, average fixed costs, average variable costs, average total costs and their marginal costs.

For each variable show how it is calculated using the data in the table below.

Using the calculated data, Draw a graph to show the relationship between the AFC, AVC, ATC and MC.

Answer / Solution

UNSOLVED