Question

VII. Answer any one of the following questions in twenty sentences each.
25. Explain the law of diminishing Marginal Utility with the help of a table and diagram
26. Explain the optimal choice of consumer with help of a diagram.
27. Explain the shapes of TP, MP and AP curves
guys the at a shot a correct answer​

Answer 1

Answer:

Q) Explain the shapes of TP, MP and AP curve

A) The MP curve also initially increases, reaches its maximum and then declines. Note that the maximum of MP is reached at the point where TP starts to increase at a diminishing rate. ... At the point where AP reaches its maximum, AP = MP. All – TP, MP and AP curves, are inverted U-shaped.

Answer 2

28. Explain the Market demand with the help of a diagram.

29. Project and Assignment Oriented Question. Find the Missing products in the following table. Factor 1 TP MPL APL 0 1 2 3 4 5 6 0 10 24 40 - - 57 0 - - 16 10 6 - 0 10 12 13.33 - 11.2 9.5

answers

Market demand curve refers to the graphical representation of market schedule. It is obtained by the horizontal summation of individual demand curves. We see, that at price 5 the units demanded are 5, when the price is 4, the units demanded is 10 and so on. This shows that as the price decreases the demand increases.

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