a) Distinguish between the Law Variable Proportions
and the returns to scale. Explain the three types of returns to
scale with graphs and example. Which one is most desirable for a
firm and why? Explain with 3 examples from Bangladesh.
b) Describe the concept of Fixed cost and variable
cost. Provide at least 5 examples of each. You are given a total
cost function: C=200+100Q³+50Q²-80Q, find out VC, FC, AFC, AVC, MC,
and AC when Q=10.