Q$1.($a$)$ Describe the reason behind the $"$U$"$ shape of the short$-$run average cost curve.

$(10$ marks$)$

$($b$)$ Illustrate the formation of cost$-$push and demand$-$pull inflation, along with the contributing factors for each, using the $\backslash (\backslash$mathrm$\{$AS$\}-\backslash$mathrm$\{$AD$\}\backslash )$ approach.

$(10$ marks$)$

$($c$)$ Explain FIVE $(5)$ advantages of perfectly competition market. $(10$ marks$)$

$[$Total: $30$ marks$]$