Q.2 - a) Explain the five fundamental questions that economics attempts to answer. b) What is the difference between a production function and an isoquant? c) Distinguish between individual firm's supply curve and market supply curve. d) What is a production function? How does a long-run production function differ from a short- run production function?
Q.2 - a) Explain the five fundamental questions that economics attempts to answer. b) What is the difference between a production function and an isoquant? c) Distinguish between individual firm's supply curve and market supply curve. d) What is a production function? How does a long-run production function differ from a short- run production function?
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 3SQP
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Q.2 -
a) Explain the five fundamental questions that economics attempts to answer.
b) What is the difference between a production function and an isoquant?
c) Distinguish between individual firm's supply curve and market supply curve.
d) What is a production function? How does a long-run production function differ from a short- run production function?
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