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Question 1:
(a) Describe how asymmetric information influences the price system and resource allocation. Provide examples to support your answer.
(b) Managerial decision-making involves uncertainty and risk. Analyse the possible behaviours of managers towards risk.
Question 2:
(a) Distinguish between income elasticity, price elasticity and cross elasticity of demand.
(b) Show how the manufacturer of mobile phones can use the concept of elasticity in pricing decision.
Question 3:
(a) Compare and contrast the profit maximizing behaviour and output decision of the perfectly competitive firm and the monopolist in the long run.
(b) Explain three different models of oligopoly. Support your answer with appropriate examples.
Price Elasticity at Terminal Points The price elasticity at terminal point N equals 0 means that at point N, e = 0. At terminal point M, although, price-elasticity is undefined
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what is cardinal and ordinal utility?.
Why Do Monopolies Exist? Monopolists have market power and as a consequence will charges higher prices and generate less output than a competitive industry. It produces profit
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The concept of point elasticity is applicable where change in price and the resulting change in quantity are infinite or small. Though, where change in price and consequent hunger
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question 1, Managerial Economics
Disadvantages of the Planned System The centrally planned economies suffer from the following limitations: Lack of choice: Consumers have little influence over what is p
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