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[Maximum number: 3]

(a)

State two characteristics of a perfectly competitive market.

[ 2 ]

(b)

Draw and label the marginal revenue (M R) curve for corn for an individual farmer in Nissos on the grid below.

[ 1 ]

Horizontal line at $\$ 8.00$ with MR label on Figure 1 is sufficient for [1].

[Maximum number: 5]

Note that widgets and pidgets are imaginary products.

In the country of Burbia, the demand and supply of widgets are given by the functions

\begin{aligned} & Q d=249-4 P \\ & Q s=150+14 P \end{aligned}

where Qd is the quantity demanded per month, Qs is the quantity supplied per month and P is the price per widget in dollars ($).

(a)

Draw and label the marginal revenue (MR) curve for the 2018 Football World Cup final.

[ 1 ]

(b)

(I) Using the diagram on page 6 and your answers to parts (j) and (k), explain how the organizers could achieve their goal of profit maximisation.

[ 4 ]

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