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Question 1:
(a) Clearly illustrate the features of a perfectly competitive firm.
(b) How would the same industry change if it were organized first as a competitive industry then by a multi-plant monopolist?
Question 2:
Given two goods X and Y, assuming Y is a normal good, analyse the income and substitution effect of an increase in price of X if
(i) X is a normal good (ii) X is an inferior good (iii) X is a giffen good
Question 3:
Write short notes on any ALL of the following (a) Barriers to entry (b) The Kinked Demand Curve (c) Average Cost and Marginal Cost (d) Strategic Entry Deterrence (e) The Prisoners Dilemma
Specific Monopolist: Suppose a monopolist firm, I-Tech, pays $500,000 in short-run costs for its capital and unskilled labor. Its only short-run decision, th
buyers cannot tell whether any given car is a lemon. The percent of all cars that are lemons is theta. How much is theta when all cars offered are sold?
given P=120-Q TC=Q(to the power 2)+ 16 1-derive the total revenue function 2-calculate profit mazimization output for a-perfect competitive firm b-monopoly 3-explain whi
what is the combined total demand schedule for Delgian cocoa beans that European and USA consumers buy
What is the explanation for SAC to be tangent to LAC?(In other words, why must both be tangent to each other)?
Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
Types of production function
1. Consider a model economy with a production function Y = K 0.2 (EL) 0.8 , where K is capital stock, L is labor input, and Y is output. The savings rate (s), which is define
2. You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a per
what is marginal cost
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