Hypothetical Data For Total Production Costs and Averages in Manufacturing

Assignment Task

1. The technique of indifference curves has been used not only to explain consumer's behaviour and demand but also to analyse and explain several other economic problems "In view to the above statement elaborate about indifference curve and its properties.

2. Find below hypothetical data for total production costs of a manufacturing firm at various levels of output. Complete the following:

3. a. Large scale production is considered to be economical in the sense of per unit cost. Explain the statement by describing different types of economies of scale. Give examples to substantiate your answer

3. b. Elaborate Cross Demand, Composite Demand and Derived Demand and cite an example to enumerate these types of demand.

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