Any topic (writer’s choice)

Your Assignment 3 relates to chapters 7 (Production and the Cost in the Firm and 8 (Perfect Competition) respectively.. You will be answering questions related to the purpose of Microeconomics and the applications of concepts for economic measurements.

Your assignment is worth 5 pts, and each of the questions must have at least 200 words per answer supported by more than the textbook reference, it must come from the FNU Library (2 references.) In addition your answers must prescribe to APA format.. You must submit a cover page, each question in a page by itself, and your references page must be also in a page by itself. And, please do not forget to reference your in-text. 

Your assignment grade will be based on the following “Rubrics”

– APA Formatting    1 pt (running head, page numbering, font style & size, double spacing , margins 1″, paragraphs indents, proper and complete referencing for your references sources, references page hanging indents, in-text referencing)

– References Sources .5 pt (textbook, two other references from the FNU Library not the Internet)

– Originality Report  1 pt (70% or higher, titles and references do not count against your work)

– Content Relevancy .25 pt (100% relevant content to the subject matter)

– Content Volume  .25 pt (it must be at least 200 words of writing per question)

Your work will be submitted via “SafeAssign” which is software designed to detect “plagiarism”.. It is important that you review/edit your submission and maintain a 30% or lower matching before finally submitting it.

Answer the following questions:

– Explain why the marginal cost of production must increased if the marginal product of the marginal resource is decreasing.

– Define productivity efficiency and allocative efficiency. What conditions must be met in order to achieve them?