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1. Calculate the following:  Analyze the changes in the calculated costs as quantity produced increases.

Introduction:
·      Total cost in economics includes the entire cost of every issue of production as a part of its mounted or variable prices.
·      The Average Cost is
·
2. Assume that a consumer consumes two commodities X and Y and makes five combinations for the two commodities: Calculate Marginal rate of Substitution and explain the answer.

Introduction: Marginal Rate of Substitution alludes to the measure of items by which a customer can change to some other incredible of near nature in view of various internal and outside factors. For example, one may change to tea from coffee in view of the

3. a) Suppose the monthly income of an individual increases from Rs 20,000 to Rs 35,000 which increases his demand for clothes from 40 units to 50 units. Calculate the income elasticity of demand and interpret the result.
Introduction: Income elasticity of interest means the modification in aspecific aggregate requested by a client of a specific thing when a change occurs in his or her income. This occurs because the way the spending of customers rise. Sue to this, he/she can spend more

b) Quantity demanded for tea has increased from 300 to 450 units with an increase in the price of the coffee powder from Rs 25 to Rs 30. Calculate the cross elasticity of demand between tea and coffee and explain the relationship between the goods.