Business Economics What are the practical uses of the concep

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Business Economics

1. In the monopolistic competition, a few firms sell differentiated products Explain
this statement by highlighting important features of this kind of a market.
Substantiate your answer by a live example. Also explain how the equilibrium in
this kind of a market is different from a long run equilibrium under perfect
competition.

2. Complete the hypothetical table below and explain in brief, the behaviour of each
type of cost.
Quantity Total
Fixed
Cost
Total
Variable
Cost
Total
Cost
Average
Fixe
d
Cost
Average
Variable
Cost
Average
Total
Cost
Marginal
Cos
t
0 0
1 25
2 40
3 50
4 60
5 100 80
6 110
7 150
8 300
9 500
10 900
3. a) What are the practical uses of the concept of price elasticity of demand for
different stakeholders in the production process?

b) Distinguish between the shift and movement in the demand curve.
Explain any five factors which would bring about a shift in the demand
curve for Maggie noodles.
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