problem 1:

Make a distinction between short and long run.

problem 2:

How production is characterised the short run? Elucidate the fully using numerical and diagrammatic demonstrations.

problem 3:

Using instances describe the concepts of diseconomies and economies of scale?

problem 4:

Make a distinction between price, income and cross elasticities of demand for product.

problem 5:

Describe carefully, using numerical and graphical instances how knowledge of price elasticity of demand might assist a manager to increase or decrease price.  Demonstrate your answer by the use numerical instances.

problem 6:

It has often been argued that a monopoly has both costs and benefits. Discuss this statement.

problem 7:

Elucidate, using diagram the short and long equilibrium positions of monopoly firm.

problem 8:

Using instances, describe how a monopoly requires barriers to prevent competition.