Question 1: A. “For constructive managerial decision making, the firm must know the sensitivity or responsiveness of demand to changes in factors that make up the underlying demand function.” Define and explain the elasticity of demand. B. “Whenever there is a change in some variables it brings about a change in the quantity of the commodity purchased over a specified period of time”. Discuss the different types of elasticity of demand. Question 2: A. “The firms face the force of raw competition. This type of extreme competition is called perfect competition.” Expound the concepts of Perfect competition Characteristics of perfect competition Deviation from perfect competition B. “Every firm would love to earn economic profits in the long-run and short run; once firms have had the chance to adjust to the levels of profits or losses experienced” – Clarify the statement in the spectrum of the Long run competition & Short run competition. Question 3: A. “Many factors influence buying plans and one of them is price. We look first at the relationship between the quantity demanded of a good and its price.” Explain law of demand Other factors of demand Demand curve B. Expound the concepts of market equilibrium and the effects of government intervention. Question 4: “When a firm price discriminates, it looks as though it is doing its customers a favour by offering low prices to some of them. At times some firms are charging the highest possible price for each unit that it sells and making the largest possible profit.” – Discuss Price discrimination Types of price discrimination.
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