Question: 1. What is more important to a firm: technical efficiency or economic efficiency? Support or justify your answer. 2. The marginal product and the average

1. What is more important to a firm: technical efficiency or economic efficiency? Support or justify your answer.

2. The marginal product and the average product are more derivative concepts of the total product, yet they appear to be playing a vital role in microeconomic analysis. Give the importance of the MP and the AP showing mathematical derivation.

3. In the Factor-Factor Relationship, state the governing principle in determining the optimum combination of two variable inputs. Sketch a graphical illustration with complete labels.

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