BECN-150 Micro Economics
BECN-150 Micro Economics You are required to answer any ONE of the following topics. This assignment is due on April 1 2020. A general guideline is that the length of the assignment is about three pages. You can submit the assignment as an attachment to a message under course messages.
1.Differentiate between Demand side market failures and Supply side market failures. Also discuss Consumer Surplus and Producer surplus. Draw diagrams to explain the two concepts.
2.Compare the profit maximizing behavior of firms under Perfect Competition and under Monopoly. Use diagrams to explain your answer.
3.Discuss the Economies of scale and Diseconomies of scale. Give examples Use diagrams to explain your answer.
4.What is meant by the term elasticity of demand. Discuss the cross price elasticity of demand and income elasticity of demand. Use formulas and examples to explain the concepts.
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