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Question:
(a) As an advisor to government as well as that to a firm how will you make use of your knowledge on price elasticity of demand, income elasticity and cross price elasticity?
(b) Deadweight losses are associated only in the case of monopoly. Discuss.
(c) Distinguish among the various types of barriers that can exist under imperfect market structures.
(d) Oligopoly is always characterized by price stickyness, irrespective of whether it is a cooperative or competing one. Discuss.
show how scarcity and opportunity cost are useful in decisionmaking
Factors affecting the total market demand These are broadly divided into the determinants of demand and conditions of demand. (a) Own price of the product This
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
assignment
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