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Answer any five (5) from the following questions.
1. Outline the importance of value maximization in the theory of the firm.
2. Describe how factors, other than price, impact on demand and distinguish between changes in the quantity demanded and changes in demand.
3. Identify the techniques available for collecting data. Explain the different forecasting tools available to managers.
4. Explain the law of diminishing returns.
5. Explain the difference between costs in the short run and long run.
6. Describe the key features of the major market structure types.
7. Explain the importance of price discrimination and two- part tariff pricing to a monopolist.
8. Describe the methodology employed in benefit-cost analysis.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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