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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
INFO: Suppose that a firm is currently employing 20 workers,(the only variable input), at a wage rate of $60. The average product of labor is $30, the last worker added 12 units to
advantages and disadvantages
Problem: i) What is meant by ‘own' price elasticity of demand? What factors are likely to affect the size of this elasticity? ii) A publicly owned bus line is running at
TC = Q3 – 8Q2 + 68Q + 4
Should the manufacture, supply and use of tobacco be criminalised? Provide arguments for and/or against (relates to defining crime; concepts of deviance etc) Examine t
The Money Creation Process is explained below: We can now study the money supply or the creation process. Suppose the government wishes to buy pencils worth Rs. 10 for the offi
Inflation is not possible under the gold standard.” Is this statement true, false, or uncertain? Explain your answer.
If the price of that cup of teh-tarik has increased in such an amount,economists may not necessarily conclude that the country is going throungh inflation.why is that so?
Question 1: ? deduce the causal factors behind technological developments in different cultures and during different periods of human history ? assess the basis of common cr
Money market, labour market, goods market
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