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1. Assume consumers have become more health conscious and now prefer fruit juice to cooldrink. Explain, with the aid of a diagram the economic impact of this event in terms of the demand and supply model.
2. Describe the consumer equilibrium condition according to utility theory. Include in your answer the conditions necessary for equilibrium to hold.
3. Discuss, with the aid of diagrams the derivation of the demand curve for a perfectly competitive firm.
4. Describe the shape of the demand curve for a firm that operates as an oligopoly
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