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Economics questions

Number of Words : 2905

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This paper provides answers to the following questions – <br />• How do merit goods differ from public goods? Illustrate your answer with appropriate examples.<br />• Which of the following have the property of non-rivalry? <br /> A can of drink<br /> public transport<br /> a commercial radio broadcast<br /> The sight of flowers in Public Park.<br />• How will you define economies of scale?<br />• What is meant by diseconomies of scale?<br />• Why are the firms likely to experience economies of scale up to a certain size and then diseconomies of scale after some point beyond that?<br />• Explain the following concept with examples:<br />• Variable Cost<br />• Fixed Cost<br />• In the long run all the costs are variable. Explain?<br />• With the help of appropriate examples , define the following terms :<br /> Black Economy<br /> Money Laundering<br />• Using examples explain the terms 'consumer sur' and 'producer sur'?<br />• With the help of diagrams, explain the factors that can influence the level of demand and supply for a product. Discuss the concept and significance of cetrius paribus when analyzing these factors. Illustrate your answer with suitable examples.<br />

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