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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.
Using the discounting principle calculate the present value of an annuity of five years at Rs. 500 payments made at the end of each of the next five years at 10% interest. stion..
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Marginal Cost This is the increase in total cost resulting from the production of an extra unit of output. Thus, if TC n is the total cost of producing n
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