5.a) Explain the difference between the Explicit and Implicit costs. Illustrate with an example

b) State the Law of diminishing returns. What will be the shape of the Marginal product curve, when firm enters this phase of production.

c) State the relationship between Productivity curves(MP and AP curves) and Cost curves(MC and AC)

(d) Write a brief note on short run costs(Total Cost, Average Total Cost and Marginal Cost

(e)Write a short note on long run costs

(in questions (d) and (e))

6. a) What is utility-maximizing rule ?

b)What is indifference curve and why does it slope downward.(see Appendix)?