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Question 1:
(a) Distinguish between the short run and long run profits of a competitive firm by using graphical representations.
(b) Compare and contrast between perfect competition and a monopoly.
(c) Analyse the concept of economies of scale and the law of diminishing return.
Question 2:
(a) Describe what is meant by price elasticity, income elasticity and income elasticity of demand.
(b) What are the practical implications of the above concepts for a business?
(c) Consider that the demand of butter increases from 20 to 25 when its price decreases from Rs 100 to Rs 80. Suppose also that the demand for margarine decreases from 30 to 26.
(i) Determine the price elasticity demand of butter.(ii) Determine the cross elasticity demand for margarine.(iii) How are the two good related? Justify your answer.
The Price ceiling is the law that sets a maximum price below the equilibrium market price, but a price floor is the law that sets a maximum price above the market equilibrium price
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so families can choos
A recent study of long distance phone calls made from WPU, showed that the length of the calls follows the normal probability distribution with a mean of 3.2 minutes per call and a
what does phillip curve signify? how do you reconcile the difference in the shap of the curve in the short run and the long run?
Determinants of Money Supply The preceding sections concentrate on the processes through which the commercial banking system creates and destroys deposits by purchasing and se
Tennis-Warehouse recently conducted a study of long distance phone calls made by its employees. The study showed that the length of the calls has a mean of 3.2 minutes, a standard
using a graph of the classical labour market,illustrate the effects of a real wage existing in the market that is lower than the equilibrium real wage.what will eventually happen i
ISSUES RELATED TO BALANCE OF PAYMENTS: It is to be remembered that the Indian economy witnessed varying intensities of BOP problem during 1956-9 1. However over the 1990s,
Goods Market and Factors Market: Goods market is the market where goods are bought and sold for the purpose of consumption Factors markets are the markets
Y= C+I+G C= 100,000000+ 0.4yd I= 400,00000 T= 0.2+60m G= 750, 000000 Calculate equilibrium level of income
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