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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
What is methodological economics? how its significance, Describe use of methodological economics...
Natural Rate of Unemployment: According to neoclassical economics, wage rate is determined by a process of labour-market clearing (in which employers and workers compete with each
what is market economy and how it solve the central problem
Expectations played a major role in Keynes' theory of the determination of aggregat output and employment in market economies in the short run. Expectations about future yields on
Answer in True or Flees 1. "Revealed preference methods for valuing environmental services and goods (for example hedonic price method, travel cost model, etc.) can reveal non-
ADVANTAGES AND DIS ADVANTAGES OF MONOPSONY
Unions are Organizations of working people which aim to bargain collectively with employers in order to improve workers' bargaining power, regulate working conditions and raise wag
the diagram used to illustrate of abnormal and normal profits
Define law of supply. Quantity supplied rises as price raises, other things constant. In other words, "Other things being equivalent, when the price of a product rises, then s
if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
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