Q.7 answer required.

Q.7 answer required. W) Inttnity Q. Q. Q. Q. (c) One o' equal to 1 (d) More than one When total product increases at a decreasing rate, marginal product is . [Ans. (b)J (a) Increasing (b) Decreasing 1 (c) Constant (d) None of the above Define explicit cost. IAns. Distinguish between positive economic analysis and normative economic analysis with the help of an example. 3 Why does demand curve slope downward to the right. Explain any two reasons. 3 Or Distinguish between expansion and increase in demand. Total fixed cost of a firm is «6(). Its MC at different levels of output is given below: Calculate ATC and A VC at each level of output. Output (Units) Marginal Cost (t) 1 30 2 26 3 28 4 4 32 Q.8. A good can be a normal good for one person and inferior for some other person. Explain 4 With the help of a suitable example. Q." xplain the nature and shape of demand curve under: (1) Perfect competition (it) Monopoly Or Explain the implications of the following features of perfect competition: (i) Homogeneous products (it) Free-entry and exit of firms. From the following schedule, find out the level of output at which producer is in