In an Autarkic Situation, Demonstrate That a Country Will Be

question 190

Essay

In an autarkic situation, demonstrate that a country will be at its optimal production if it produces where an indifference curve is tangent to the production possibilities frontier.

Determine the average product under given conditions.

Identify the relationship between marginal product, total product, and average product.

Understand the principle of diminishing marginal returns.

Explain the behaviors of marginal, average, and total products as inputs vary.

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