Answer any five (5) from the following questions. Each question carries 12 marks. Outline the importance of value maximization in the theory of the...

1.    Outline the importance of value maximization in the theory of the firm.           

2.    Describe how factors, other than price, impact on demand and distinguish between changes in the quantity demanded and changes in demand.                          

3.    Identify the techniques available for collecting data. Explain the different forecasting tools available to managers.                                                                               

4.    Explain the law of diminishing returns.                                                              

5.    Explain the difference between costs in the short run and long run.                  

6.    Describe the key features of the major market structure types.                         

7.    Explain the importance of price discrimination and two- part tariff pricing to a monopolist.                                                                                                        

Describe the methodology employed in benefit-cost analysis.