dont expect it all to be answered, will re post what cant be answered, a 2nd time, thanks!

SECTION A (40 Marks) Answer EIGHT questions in this section. Each question is worth 5 marks. 1. 2. 3. 4. 5. Illustrate and explain why two indifference curves cannot intersect. List and explain the three assumptions economists make about consumer preferences Define and illustrate an indifference curve and explain the 'marginal rate of substitution' (MRS), Indifference curves can be convex, linear or L Shaped. Illustrate and explain what type of goods each of the indifference curves represents and comment on its slope. Illustrate and explain the difference between an Engel curve and a demand curve. Outline the income and substitution effects of a price decrease for (a) a normal good and (b) an inferior good A firm purchases capital and labour in competitive markets at prices of r = 8 and w = 10, respectively. With the firm's current input mix, the marginal product of capital is 24 and the marginal product of labour is 20. Is this firm minimizing its costs? Explain your reasoning Define and illustrate an isoquant and explain the 'marginal rate of technical substitution' (MRTS) 6. 7. 8. 9. Explain the concept of Deadweight losses in the context of monopolies. List and explain the three conditions necessary for price discrimination 10