1.1 Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate...
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1.1 Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate your answer. (15) 1.2 Explain the three categories of returns to scale relating to the long-run average cost curve. (15) QUESTION TWO [25] 2.1 Illustrate and examine how the individual supply of labor curve demonstrates the way an individual divides his/her time between work and leisure. (13) 2.2 Distinguish between income elasticity of demand and cross price elasticity of demand. Include in your answer a provision of their formula. (12) QUESTION THREE [25] 3.1 Explain the three possible profit maximizing positions of perfectly competitive (15) firms in the short-run. 3.2 Describe the nature of the goods produced by a monopolistically competitive (10) firm. QUESTION FOUR [20] 4.1 Distinguish between the short-run aggregate supply curve and the long-run aggregate supply curve. (14) 4.2 Discuss one (1) reason for the downward sloping aggregate demand curve. (6) 1.1 Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate your answer. (15) 1.2 Explain the three categories of returns to scale relating to the long-run average cost curve. (15) QUESTION TWO [25] 2.1 Illustrate and examine how the individual supply of labor curve demonstrates the way an individual divides his/her time between work and leisure. (13) 2.2 Distinguish between income elasticity of demand and cross price elasticity of demand. Include in your answer a provision of their formula. (12) QUESTION THREE [25] 3.1 Explain the three possible profit maximizing positions of perfectly competitive (15) firms in the short-run. 3.2 Describe the nature of the goods produced by a monopolistically competitive (10) firm. QUESTION FOUR [20] 4.1 Distinguish between the short-run aggregate supply curve and the long-run aggregate supply curve. (14) 4.2 Discuss one (1) reason for the downward sloping aggregate demand curve. (6)
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11 The total cost TC of business is the amount of the total variable costs TVC and total fixed costs TFC Subsequently we have TC TFC TVC The accompanying graph addresses the TC TFC and TVC shortrun to... View the full answer
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