Recent Question/Assignment
Microeconomics – Worth 20% of total assessment: Answer all five (5) of the following questions.
Each question is worth equal marks and will be marked out of 10.
The total mark is 50 and will then be converted to a make it worth 20 percent
References are required.
Question 1
Explain the relationship between the law of diminishing returns and the concept of economies of scale.
Question 2
Explain with the use of diagrams where appropriate how perfect competition leads to allocative productive and dynamic efficiency.
Question 3
Illustrate with the use of diagrams how the profit maximising price and outpur for firms in a monopolistic competitive market structure is determined.
Does the fact that monopolistically competitive markets do not achieve allocative or productive efficiency mean that there is a significant loss in economic well-being to society in these markets?
Question 4
What is a natural monopoly? If a firm is a natural monopoly, illustrate with the use of diagrams why is it is necessary to have the price set by a regulatory authority rather than by the market.
Question 5
Petro prices recently plummeted, discuss some of the reasons behind this development.
Each question is worth equal marks and will be marked out of 10.
The total mark is 50 and will then be converted to a make it worth 20 percent
References are required.
Question 1
Explain the relationship between the law of diminishing returns and the concept of economies of scale.
Question 2
Explain with the use of diagrams where appropriate how perfect competition leads to allocative productive and dynamic efficiency.
Question 3
Illustrate with the use of diagrams how the profit maximising price and outpur for firms in a monopolistic competitive market structure is determined.
Does the fact that monopolistically competitive markets do not achieve allocative or productive efficiency mean that there is a significant loss in economic well-being to society in these markets?
Question 4
What is a natural monopoly? If a firm is a natural monopoly, illustrate with the use of diagrams why is it is necessary to have the price set by a regulatory authority rather than by the market.
Question 5
Petro prices recently plummeted, discuss some of the reasons behind this development.
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