Question: Differentiate between cardinal and ordinal approaches to utility analysis. 3 Marks b. Clearly explain the difference between the following terms: i. Law of diminishing returns

Differentiate between cardinal and ordinal approaches to utility analysis. 3 Marks

b. Clearly explain the difference between the following terms:

i. Law of diminishing returns and the law of variable proportions 4 Marks

ii. Marginal cost and variable cost4 Marks

iii. Isoquant and Isocost curves4 Marks

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