Question No.1, Marshall and Robbins Definition of Economics, Scope of Economics
Most students skip this question on choice, reason being they doesn't give attention on learning the core idea of the economics, so fails to comprehend the requirements of the question.
Nature of Economics.
Economics as a Science: Economies tries to finds the reason behind the things and provides a logical answer to all they questions raised,
Economics as a positive science: Economics is positive in the sense that it is directly connected to any common man, Economics demonstrates the problems faced by consumers and firms.
Economics only studies those aspects of human life which are related to money and wealth.
Economic studies are purely concerned with the living beings.
Economics Numerical Cost function
Find Marginal Cost by taking derivative of Cost.
Find Slope of MC By Taking Derivative of Marginal Cost
Divide Total cost by quantity in order to achieve average cost, Slope of AC can be calculate by taking derivative of Average Cost.