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What are the essential points to determine in monopoly?
Points essential to determine in monopoly:
a. The importance of monopoly, where a particular monopolist is the merely producer of a good
b. How a monopolist find out its profit-maximizing output and price
c. The dissimilarity between monopoly and perfect competition, and the consequences of which difference on society’s welfare
d. Problems posed through monopoly
e. What price discrimination is, and why this is so prevalent while producers have market power
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
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a) What do you understand by equilibrium National Income and to what extent is economic growth beneficial to an economy? b) Explain using both diagrams and mathematical tools,
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