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1. Explain, with the aid of graph(s), the relationship between marginal cost and average total cost. (Draw the graph and explain)
2. Assume ceteris paribus. Use the profit equation to explain at which stage of the marginal and average total cost relationship does a firm's profit decline.
3. Use graph(s) and table(s) to illustrate and explain the differences between the revenue curves of a price maker and a price taker. (Draw the graph and tables)
4. Define and explain why game theory is use to analyse a firm in an oligopoly market.
5. Use the game theory matrix to illustrate a strategic decision you made recently. (Draw the game theory matrix)
This document contains various important questions and their appropriate answers in the subject field of Economics.
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