Question: a) What is meant by Explicit and Implicit costs? b) How does economic profits differ from Financial Profits? Give some examples. c)Describe price discrimination. Give

a) What is meant by Explicit and Implicit costs?

b) How does economic profits differ from Financial Profits? Give some examples.

c)Describe price discrimination. Give examples.

d)Explain the conditions which make price discrimination effective.

e) Write short notes

1.Elasticity of Demand - concept and measurement

2.Law of diminishing returns - implications for the short-run cost curve

3.Increasing economies of scale - meaning and effect on costs

4.Economies of Globalization - nature and examples

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