Economics 5
Exam Material
Important questions, short notes and revision material for Economics 5 — all in one place, ready before your exam.
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Explain the measurement of Elasticity of demand?
Measurements: There are various methods of measurements of price elasticity of demand and among them the…
Explain the price and output determination under monopoly in short run and long run.
Introduction: In a Monopoly, a single firm dominates the entire market for a product with no…
Explain the price and output determination under monopolistic competition.
Introduction: Monopolistic competition is a market structure characterized by a large number of firms selling similar…
What is Price discrimination? explain its kinds.
Introduction: Generally speaking the monopolist will not change uniform price for all the customers in the…
Explain the price and output determination under perfect competition under short run and long run.
Introduction: In a perfect competition market structure, price and output determination occur through the interaction of…
What is price elasticity of demand? explain its types.
Meaning: Elasticity of Demand refers to the responsiveness of the quantity demanded of a good or…
Explain the exceptions of law of demand.
Introduction: The term demand is different from desire, want; wish etc. in the language of economics…
What is production? explain its types.
Meaning: Production involves the use of various inputs or factors services to produce output. In economics…
Explain the Subsistence theory of wages.
Introduction: The subsistence theory of wages originated by the French economist in the 18th century and…
Write a note on Risk bearing theory and Uncertainty theory of profit?
Risk bearing theory of profit: This Theory of risk bearing was put forwarded by American economist…
Write a note on loanable funds theory.
Introduction: According to classical economist the rate of interest is the price paid for the use…
Explain the concept of Quasi rent.
The concept of quasi rent was first introduced by Marshall. He explained that besides land, other…