Suppose the dimension of matrix A is 34 that of matrix B is 33. Can you find the product AB? How about BA? What will be dimension of the resultant matrices?

Suppose the dimension of matrixAis 34 that of matrixBis 33. Can you find the productAB? How aboutBA? What will be dimension of the resultant matrices?

Solve the following system of equations using matrix-inversion method:

2x+ 3y= 5

4x+ 7y= 12

Why is the average fixed cost downward sloping?

Fill in all the blanks in the table given below.

With proper use of graphs, explain the relationship between AC, AVC and MC.

What is the profit maximizing condition for a competitive firm? Explain what happens if this condition is not satisfied. How is the supply curve of a competitive firm derived using this condition? Use graphs wherever necessary to explain your answer.

2. Suppose the dimension of matrix A is 3 x 4 that of matrix B is 3 x 3. Can you find the product AB? How about BA? What will be dimension of the resultant matrices? [10] 3. Solve the following system of equations using matrix-inversion method: [10] 2x + 3y = 5 4x + 7y = 12 4. Why is the average fixed cost downward sloping? [5] 5. Fill in all the blanks in the table given below. [10] Output TFC AFC TVC AVC TC AC I MC 0 12 -- 0 -- 1 12 12 10 10 2 12 6 16 3 -- -- 21 7 667 4 5 3 28 40 22214 -- 22 22 10 28 14 5 4- 7 . 2.4 -- 8 52 10.4 12 -- 10 1.7 91 13. -- 12 103 14.7 31 1 6. With proper use of graphs, explain the relationship between AC, AVC and MC. [10] 7. What is the profit maximizing condition for a competitive firm? Explain what happens if this condition is not satisfied. How is the supply curve of a competitive firm derived using this condition? Use graphs wherever necessary to explain your answer. [15]