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QUESTION 5: MICROECONOMICS 40 MARKS - 40 MINUTES Discuss, with the aid of graphs, the individual business in a perfect market under the following headings:

QUESTION 5: MICROECONOMICS 40 MARKS - 40 MINUTES Discuss, with the aid of graphs, the individual business in a perfect market under the following headings: - Derivation of the demand curve (10 marks) - Economic profit (8 marks) - Economic loss (8 marks) (26 marks) Evaluate the effect of free entry and exit into the market on the equilibrium position from short run to long run in a perfect market. (10 marks)QUESTION 5: MICROECONOMICS 40 MARKS - 40 MINUTES Discuss, with the aid of graphs, the individual business in a perfect market under the following headings: - Derivation of the demand curve (10 marks) - Economic profit (8 marks) - Economic loss (8 marks) (26 marks) Evaluate the effect of free entry and exit into the market on the equilibrium position from short run to long run in a perfect market. (10 marks

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