BZ104 : Economics - Microeconomics - Market Failure - Christian Heritage College

Internal Code : MAS4973

Economics Assignment :

1. Explain the concepts of Price elasticity of demand
2. Elasticity of supply
3. Cross-price elasticity of demand
4. Income elasticity of demand
5. Apply the concept of elasticity in the context of government interventions in markets
6. Define the term ‘externality’
7. Analyse government responses to externalities
8. Describe the characteristics of public goods
9. Analyse government responses to pollution.

• Explain how a competitive firm adjusts to the market price in the short run
• Derive the short run supply curve for the competitive firm
• Discuss long run adjustments in a competitive industry
• Evaluate the efficiency of competitive industries from the perspective of society as a whole