1. Define the following concepts

a)Marginal Utility

b)Marginal Product and Marginal cost

c)Average Product and average cost

d)Diminishing marginal returns

e)Marginal Rate of Substitution

f)Marginal Rate of Technical Substitution

g)Write four characteristics of a perfectly competitively market.

h)What are some of the sources of monopoly power? Give an example for each

i)Price Elasticity of demand and Income elasticity of demand

j)The shape of Long run Average Cost curve (LAC)

k) Average fixed costs

l) Average variable cost

m) Average total cost

n) Marginal cost