Question: (a) Write down the protmaximization problem for each rm (assume that rms choose output Q). (b) What output level does each rm choose? What is

(a) Write down the protmaximization problem for each rm (assume that

(a) Write down the protmaximization problem for each rm (assume that rms choose output Q). (b) What output level does each rm choose? What is the corresponding price? 1

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2. It is the results achieved that are important.

3. What is the difference between perception and assessment of a particular everyday situation? Give at least three examples.

7. One or other combination of 16.