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1.Assume that the gold-mining industry is competitive a) Illustrate

a long-run equilibrium using diagrams for the gold market and for a representative gold mine. b) Suppose that an increase in jewelry demand induces a surge in the demand for gold. Using your diagrams, show what happens in the short run to the gold market and to each existing gold mine. 2.Pharmaceutical drugs have an inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was). Using well labeled diagrams explain. c) What happens to the equilibrium price and quantity in each market. d) Which product experiences a larger change in price. e) Which product experiences a larger change in quantity. f) What happens to total consumer spending on each product. 3.Monopolies firms are sometime known to create inefficiencies in the economy. Referring to Tanzania context, suggest ways that can be employed by the government so as to ensure inefficiency are corrected in. 4.Explain how forms of market structure differ from each other and explain the concept of price discrimination as applied in monopoly market.

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