Compare perfect competition and monopoly

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Reference no: EM132476423

Business Economics

Question 1.

(i) The demand and supply functions for a good are given by

D = 50 - 0.5P and S = 20 + 0.25P (Where P is price)

Q1: Calculate quantity demanded when price is Rs 10

Q2: Calculate quantity supplied when price is Rs 20

Q3: Calculate the equilibrium prices and quantities.

Q4: Calculate the shortage/ surplus if government imposes a regulatory price of Rs 60.

Q5: If the demand curve shifts to D′ = 100 - 0.5P, compute the new equilibrium price and quantity.

(ii)

Q1: With the aid of examples, explain and illustrate price elasticity of demand and income elasticity of demand.

Q2: Using these concepts explain and comment on measures which might be taken to increase the revenue of a typical small business in your country.

Question 2.

Compare perfect competition and monopoly in respect of price, output and profits.

Reference no: EM132476423

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