Make a distinction between short and long run.
How production is characterised the short run? Elucidate the fully using numerical and diagrammatic demonstrations.
Using instances describe the concepts of diseconomies and economies of scale?
Make a distinction between price, income and cross elasticities of demand for product.
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.
It has often been argued that a monopoly has both costs and benefits. Discuss this statement.
Elucidate, using diagram the short and long equilibrium positions of monopoly firm.
Using instances, describe how a monopoly requires barriers to prevent competition.