1. A firm has many objectives. Discuss how these objectives are different from the traditional objective of profit maximization.
2. Illustrate the relationship between the firm’s total revenue curve and demand curve.
3. Briefly discuss Production Isoquants and Marginal Rate of Technical Substitution (MRTS). Explain how is MRTS calculated?
4. Differentiate between equilibrium of profit maximizing output of a perfectly competitive firm in short run and long run.
5. Explain what is Price Discrimination? Differentiate between First degree and Second Degree Price Discrimination.
6. Write short notes on any two of the following:-
(a) Decision making under risk
(b) Determinants of demand
(c) Economies of Scope
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