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Assignments for Microeconomics Chapter 3

A-3.1 Explain the nature of economic costs. Distinguish between
;different types and verify that normal profit is a cost.

A-3.2 Explain the law of diminishing returns. Show it graphically.

A-3.3  Draw and explain short run total, average and marginal costs.
;Support your explanation with the law of diminishing returns.

A-3.4 Draw average and marginal cost curves, and study their

A-3.5  Give reasons for the existence of economies and diseconomies
;of scale.