Microeconomics Questions week 3 Questions

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38) What is Utility?

39) What is the Law of Diminishing Marginal Utility?

40) What is optimal consumption combination?

41) Define a Production Function.

42) What is Marginal Product of an input?

43) What is Marginal Revenue Product of an input?

44) When a firm’s profit is maximized? (Profit Maximizing Rule).

45) How demand for an input is determined?

46) What is the optimal combination or mix of inputs? (Least Cost Combination).

47) What is Marginal Productivity of an input?

48) What is the Law of Diminishing Marginal Productivity?

49) What are Economy and Diseconomy of Scale?

50) What is Return to scale and what are the cases it can have?

51) What is economy of scope?

52) What is a Cost?

53) Define Fixed and Variable Costs. Give an example of each.

54) Define Explicit, and Implicit Costs. Give an example of each.

55) How Average Costs (variable and fixed) are calculated?

56) What is the Law of Increasing Cost?

57) Define Marginal Cost. Give an example.

58) What is Sunk Cost? Give an example.

59) What is Social Cost?

60) What is Private Cost?

61) Define Economic Profit.

62) Define Economic Cost.

63) In microeconomics, what is meant by short run and long run?

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