Question

OR
(a) Differentiate between Private and Social cost.
(b) Describe with the help of a diagram interaction between the Short-run Average Total
Cost curves and the Long-run Average Total Cost curve given that the firm has five
plant sizes to consider viz. I, II, III, IV and V (in ascending order of their size),
wherein plant size III turn out to be optimal plant size in the long run.
2. (a) Discuss the income and substitution effects of a price change in case of an inferior
good.
(b) Consider the demand curve AC of a good in Figure 1. Given distance AB and BC as x
and y, respectively,
(1) What will be the price elasticity of demand for the good at point B? What will be
the price elasticity of demand for the good at point A and at point C?
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Answer 1

Answer:

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