Final - FACULTY OF ARTS FINAL EXAMINATION ECONOMICS...

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FACULTY OF ARTS FINAL EXAMINATION ECONOMICS 154-230D (Section 01) MICROECONOMIC THEORY Examiner: Professor John Kurien Wednesday, April 18, 2008 Associate Examiner: Professor Maxim Sinitsyn 2.00 P.M. Standard calculators and language dictionaries are permitted, but books and notes are not. Where there are choices, answer only the required number of questions. Any beyond that number will not be graded even if they are better answers. Grades depend on how well the logic of the answers is explained. Answer on the examination books. There are four parts to the examination. Answer all parts. This examination comprises a total of three (3) pages including this cover page.
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April 2008 Microeconomic Theory 154-230D2 (Section 01) Page 2 PART I Answer any three questions in Part I. Each is worth 12% of this examination. 1. What are the core assumptions that define perfect competition? Starting from given firm cost curves; explain, step by step, how the long-run supply curve of a competitive industry can be derived. Assume that there are no external economies or diseconomies. What would be the shape of the long-run supply curve of such an industry if all firms are alike (i.e. they have identical cost curves.)? What would be the shape if firms differ with respect to their cost curves? 2. Explain, in detail, how
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Final - FACULTY OF ARTS FINAL EXAMINATION ECONOMICS...

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