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Describe in short bu clear your understanding concerning the following concepts:a. Opportunity Costb. Rational People Think at the Marginc. Diminishing Marginal Utilityd. Marginal Rate of

Describe in short bu clear your understanding concerning the following concepts:a. Opportunity Costb. Rational People Think at the Marginc. Diminishing Marginal Utilityd. Marginal Rate of Substitutione. Production Possibilities Frontierf. Factors of Productiong. Normative Statementh. Diamond-Water Paradoxi. Ceteris Paribusj. Long Run Average Cost (LRAC) curve

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Describe in short bu clear your understanding concerning the following concepts: a. Opportunity Cost b. Rational People Think at the Margin c. Diminishing Marginal Utilityr cl. Marginal Rate of Substitution e. Production Possibilities Frontier f. Factors of Production g. Normative Statement h. DiamondWater Paradox i. Ceteris Paribus j. Long Run Average Cost {LRAC} curve

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