1.(a) Demand for factors of production is called labelled as 'derived demand'. Please explain

(b)What is marginal product of a factor?

(c) What is Marginal Revenue Product?

2.a) What is discriminating monopoly? What conditions are required for price discrimination to be possible

b) What is monopolistic competition? How does it differ from Monopoly?

3.a) What is the shape of Average Revenue and Marginal Revenue curves under Monopoly ?

b) Define the profit maximizing rules under Monopoly.

c) What is a natural monopoly case?

d) Comment on (i) Network Effects, and (ii) X-Inefficiency ?

4. a) What is the shape of Average Revenue and Marginal Revenue curves under Perfect Competition ?

b) Define the profit maximizing rules under Perfect competition

c) When will a firm shut down under perfect competition?

d) Describe long run equilibrium conditions for firm under a perfectly competitive market system.

e) Under course contents, scroll down to locate the file, Week 7 and 8 Bonus mark questions for Discussion Board "Equilibrium of the firm under pure competition-numerical questions"