Profit and Output Maximizing Behaviour of Firms - Economics Assignment Help

Assignment Task

Answer any ONE of the following questions.

1. Discuss the Price, Cross Price and Income Elasticity of demand. Use examples to distinguish between the three elasticities. Discuss the concept of Elasticity of Supply. Use examples to discuss this concept.

2. Compare profit and output maximizing behaviour of firms under the following market systems:

a. Perfect Competition.

b. Monopolistic Competition.

c. Pure Monopoly.

3. Explain the basic kinked demand curve under Oligopoly. Draw a diagram to explain the model. Compare the main features of the FOUR Oligopoly Models. Use examples form the real world to explain the four different Oligopoly market structures.

You must choose ONE out of the three topics for your assignment. I have not specified any particular length of the assignment. About 4 to 6 pages depending on the topic you choose. I am marking you on the content of the assignment. Not the length of the assignment.

Your textbook will be your main source, but you should also use additional resources to improve the quality of the assignment. Use references at the end and use any format for your citations

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