1.Using a well labelled diagram, discuss income effect and substitution effect of a price change of giffen good

2.Define price discrimination. Discuss the monopolist degrees of price discrimination

3.Distinguish between short run and long run period of production.

4.Using a well labelled graph discuss the stages of production. Explain why it is not technically efficient for the producer to produce at stage 1 and 3

5.Discuss short run cost function

6.Discuss the characteristics of isoquants

7.Distinguish between returns to scale and marginal rate of technical substitution

8.Discuss the shutdown rule of perfectly competitive firms

9.Discuss the axioms of consumer preferences

10.Write down short notes equilibrium in perfectly competitive markets