When the price of a good rises from < 10 per unit to < 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from < 10 per unit to < 13 per unit?

Give the behaviour of marginal product and total product as more and more units of only one input are employed while keeping other inputs as constant.

Explain ‘‘perfect knowledge about the markets’’ feature of perfect competition.

Complete the following table:

From the following total cost and total revenue schedule of a firm, find out the level of output, using marginal cost and marginal revenue approach, at which the firm would be in equilibrium. Give reasons for your answer.