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Question 1:
(a) Discuss the adjustment to an increase in demand for a perfectly competitive market in the:
(i) Short run (ii) Long run
(b) How would the same industry change if it were organized first as a competitive industry then by a multi-plant monopolist?
Question 2:
(a) Define, explain and illustrate the concept of opportunity cost?
(b) "Consumers and producers pay equal amount of a per-unit tax." Discuss
demand curve
The reaction of nitrogen dioxide with fluorine 2 NO2 + F2 2 NO2F is first order in NO2 and first order in F2. Complete the rate law for this reaction in the box below. Use the f
friedman and savage hypothesis
The demand schedule for computer chips is given in the table. Price (dollars per chip) Quantity demanded(millions of chips per year) 200
Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
Differentiate between firm and industry. A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways
williamson''s model of managirial discretion
What are the factors that producers in the society may take into consideration when deciding on the what to produce,how to produce and for whom ?
If the Bank of England wanted to discourage investment spending and reduce aggregate demand, it could?
In an updated GDP that contains household production, how would the purchase of a car or appliance for household use be treated? A car or appliance would be treated as a househ
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