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16 The U shapes of the short run and long run average o rves are both based on the operation of the Law of diminishi urns. True or false? Explain. 17 Use the concepts of economies and diseconomies of scale slain the shape of a rm's long-run ATC curve. Also give so] ssible reason of economies and diseconomies of scale. 13 Discuss the role of Break even analysis in decision maki th the help of suitable diagram. (Smarks) 19 The generalized demand function for good A is Qd = 60! A 43.03131 -12P'[.l +15T +6132. +1.5N 1ere. Qd = Quantity demanded of good A each month, P A: pr: good A, M =Average household income, Pa: Price of relat ad B, T= a consumer taste index ranging in value from 0 to ' = price consumers expect to pay next month for good A, and l mber of buyers in the market for good A. interpret the intercept parameter in the generalized demand icon? What is the value of slope parameter for the price of good . res it have the correct algebraic sign? Interpret the slope parameter of income. Is good A normal or 'erior? Why? Are goods A and E substitutes or Compliments? Explain. Are the algebraic signs on the slope parameters for T, PE and N frect?(6marks) 20 Distinguish between short-run production function and lor 1 production function. The law of diminishing returns netimes known as the law of variable proportions. How? Expl: r law with example and figure