Question: QUESTION THREE (20) 3.1 Assess the consumer equilibrium condition according to consumer theory. Include in your answer the provision of its formula. (12) 3.2 Explain

QUESTION THREE (20)

  1. 3.1 Assess the consumer equilibrium condition according to consumer theory. Include in your answer the provision of its formula. (12)
  2. 3.2 Explain the relationship illustrated by the three main short-run total cost curves. (8)

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