The document contains following crucial Questions and their elaborated comprehensive answers:-

1.      A. How do merit goods differ from public goods? Illustrate your answer with appropriate examples.

B. Which of the following have the property of non-rivalry?

1.      A can of drink

2.      public transport

3.      a commercial radio broadcast

4.      The sight of flowers in Public Park.

2.      How will you define economies of scale?

3.      What is meant by diseconomies of scale?

4.      Why are the firms likely to experience economies of scale up to a certain size and then diseconomies of scale after some point beyond that?

5.      Explain the following concept with examples:

• Variable Cost
• Fixed Cost

6.      In the long run all the costs are variable. Explain?

7.      With the help of appropriate examples , define the following terms :

?   Black Economy

?   Money Laundering

8.      Using examples explain the terms 'consumer surplus' and 'producer surplus'?

9.      With the help of diagrams, explain the factors that can influence the level of demand and supply for a product. Discuss the concept and significance of cetrius paribus when analyzing these factors. Illustrate your answer with suitable examples.

At the end of the assignment also given the references which are very crucial to be studied