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Question 1:
(a) Clearly illustrate the features of a perfectly competitive firm.
(b) How would the same industry change if it were organized first as a competitive industry then by a multi-plant monopolist?
Question 2:
Given two goods X and Y, assuming Y is a normal good, analyse the income and substitution effect of an increase in price of X if
(i) X is a normal good (ii) X is an inferior good (iii) X is a giffen good
Question 3:
Write short notes on any ALL of the following (a) Barriers to entry (b) The Kinked Demand Curve (c) Average Cost and Marginal Cost (d) Strategic Entry Deterrence (e) The Prisoners Dilemma
Graph the following example and answer the questions: The United States and Japan only produce two goods. They have the same fixed resources and they are equally efficient, and bo
Ben prefers the mixed consumption basket x+y to either 2x alone or 2y alone. But as between the latter baskets, he would rather have the 2x. Do the fact stated indicates the axiom
Lorie teaches singing.Herr fixed cost are $1000 a month,and it costs her $50 of labor to give one class.the table shows the demand schedule for lorie''s singing lessons. Price
Igora''s pizzeria want to know if it should stay open this spring. Total Revenue will be $ 12,000 per week and Total Cost will be $ 18,000 per week. The fixed cost of running the b
Ask q3x+5=20 uestion #Minimum 100 words accepted#
The reason that an entrepreneur supposes the risk of starting a business is to earn profits. The fundamental assumption in the theory of production is that a rational owner of a b
Question: Product differentiation and entry/exit Two differentiated goods, apples and oranges, are located at the two extremes of a linear product space (a segment of length 1)
What do you mean by the utility function? The Utility Function: Sometimes this is easier to work directly along with the preference relation and its connected sets. Althou
elasticity of demand
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
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