Question
1.With the aid of appropriate diagrams describe three properties of indifference curves 2.Explain four applications of indifference curve analysis in economic decision making 3.State the
1.With the aid of appropriate diagrams describe three properties of indifference curves
2.Explain four applications of indifference curve analysis in economic decision making
3.State the law of diminishing marginal utility
4.What is an indifference curve
5.Explain the main characteristics of indifference curves43
6.State six assumptions of the marginal productivity theory of wage determination
7.Enumerate six barriers to occupation mobility of labour
8.Explain five causes of the u-shaped long run average cost curves of a firm
9.Summarize six barriers to geographical mobility of labour as a factor of production
10.Highlight six measures that could be adopted by a government to enhance mobility of labour as a factor of production
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