Question: Hi can u please assist with the question below it is a total of 20 marks. Marks allocation are stated next to each line. QUESTION

Hi can u please assist with the question below it is a total of 20 marks. Marks allocation are stated next to each line.

QUESTION THREE [Total 20 Marks]

3.1 Explain the three possible short-run profit maximising positions of a perfectly competitive firm. (12 Marks)

3.2 In terms of price elasticity of demand, differentiate between perfectly inelastic demand and inelastic demand. (8 Marks)

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