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Need well structured and detailed answers to all parts Section B : Answer any two questions Q ll 15 marks (CLO 2) (a) Explain how

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Need well structured and detailed answers to all parts

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Section B : Answer any two questions Q ll 15 marks (CLO 2) (a) Explain how a firm under conditions of perfect competition maximizes profits in the short run and earns normal profits in the long run. (10 marks) (b) When does a manager of this firm take a decision to shut down

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