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Q1. Describe the concept of returns to scale with the assist of expansion path.

Q2. Describe the shape of the long run average cost curve if production is subject to:

a) Increasing
b) Constant
c) Decreasing returns to scale.

Q3. When a specific tax is imposed then illustrate that from the buyer’s point of view price increases and from the seller’s point of view price falls.

Q4. Let consider a perfectly competitive market for wheat. Determine the impact of a price support program on quantity demanded and quantity supplied. Do you think that the price support is accountable for overproduction?

Q5. describe why a producer under perfectly competitive market conditions is for all time a price taker.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M912785

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