assignment Questions
- What is the scope of industrial economics? Also discuss its importance. (Points-1)
- What role industrial economics plays in economic development of a country? (Point-1)
- (a) At what price and output level the market will be in equilibrium? (Point-1)
Qd = 100 – 6P
Qs = 28 + 3P
Where Qd is quantity demanded, Qs is quantity supplied while P is the price of good.
(b) At what price and output level the market will be in equilibrium? (Point-1)
Qd = 100 – 2P
Qs = -20 + 1P
Where Qd is quantity demanded, Qs is quantity supplied while P is the price of good.
- Define Consumer Surplus and Producer Surplus? Use neat diagrams to explain Consumer and Producer Surplus? (Points-2)
- Define the Law of Supply? Keeping in view the Law of Supply, how the following factors will shift the supply curve? (Each answer must be supported by a neat diagram): (Points-2)
- If number of producers increases in the market;
- If there is an advancement in electronics technology;
- If the prices of raw material increases in automotive industry;
- If there is an expectation of increase in oil prices during next month.
- Explain the Law of Demand. What are their assumptions? What are demand curve shifters and what causes them to shift? (Points-2)
- What is market equilibrium? What might keep the market from moving all the way to that equilibrium point? (Points-2)
- “Price control can be more effective in the short run than the long run”. Explain. How could price controls affect a firm’s incentive to innovate? (Points-2)
- What are various types of elasticity of demand? Explain with examples. (Points-2)
- Suppose that a producer raises the price of a good from $8 to $15, and the quantity sold drops from 250 to 40 units. Is the demand for the good is elastic or inelastic? (Points-2)
- Define and explain perfect competition, monopoly and oligopoly. Why firms do price discrimination? (Points-2)
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