Question: Question 4 [11] Define or explain the following macroeconomic concepts: 4.1. Returns to scale (2) 4.2. Isoquants (2) 4.3. Marginal rate of substitution (MRS) (2)

Question 4 [11]

Define or explain the following macroeconomic concepts:

4.1. Returns to scale (2)

4.2. Isoquants (2)

4.3. Marginal rate of substitution (MRS) (2)

4.4. The difference between partial and general equilibrium analysis (3)

4.5. Efficient allocation of products or services (2)

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