Question: Question # 3 Answer the following questions. (Explain graphically and assume all necessary figures to support your answer where necessary) [24] I. Explain graphically how

Question # 3 Answer the following questions. (Explain graphically and assume all necessary figures to support your answer where necessary) [24] I. Explain graphically how indifference curve analysis can be used to derive a demand curve?(6) II. If firms in a competitive industry incur an economic profit, what happens to supply, price, output, and economic profit in the long run? Explain(6) III. What is the relationship between the marginal revenue curve and the demand curve for a single-price monopolist?(6) IV. Explain the Law of diminishing return and why is it applicable especially in agriculture sector?(6) 2

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