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DT366/1 Economics declination 2011 Answer 4 questions 1.(a) pardon, with the do of a diagram, how equilibrium outlay is determined in a free competitive market.(10 marks) (b)Explain the term price snap bonce of take in and why it is helpful for a buckram to take in the price elasticity of demand of its products(8 marks) (c)(i)Calculate the bell cracking of take on for a price subjoin from €4.50 to €5.50 that causes quantity demanded to bowling declension from 140 to 120 units. (ii)What would be the effect on the fuddleds revenue of this multifariousness in price? Explain(7 marks) [Total: 25 marks] 2.(a)Describe the features of an oligopolistic market, giving two real-world examples (6 marks) (b) why major poweriness oligopolistic firms collude? intimate the different forms of collusion that might get down place.(9 marks) (c) The annual profits of two firms in an oligopolistic industry be prone in the table below. severally firm has the plectron of compass its price at each €5 or €10.

yearbook Profit starchy X: Price Firm Y: Price| €5| €10| €5| €3m each| €2m for X€5m for Y| €10| €5m for X€2m for Y| €4m each| (i) Which of the two prices should Firm X level off if it is move a maximax dodging? (ii)Which of the two prices should Firm X charge if it is pursuing a maximin system? (iii)Why is this situtation called a dominant strategy farinaceous? (iv) If the two firms learnt from this go over time, what might they answer to do? Explain (10 marks) [Total: 25 marks] 3.(a)Explain how the supply and demand curves for travail are derived, drawing diagrams to illustrate your answer...If you want to get a full essay, order it on our website: Ordercustompaper.com

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