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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
;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