Q11 Answer any five of the following questions: (MUST ADD Picture or graph)

a)Examine the relationship between Marginal cost and average cost for firm in the short run.

b)Why the Monopoly firm is considered inefficient compare to perfect competition?

c)Write short notes on a) Normal profit for perfectly competitive firm b) Economic loss for perfectly competitive firm

d)Show that for a Perfectly competitive firm P=MR =AR with help of numerical example.

e)Show with numerical example that Price > marginal revenue for monopoly firm.

f)Explain the profit maximizing strategy by a perfectly competitive firm?