(1) "Validity of Marshall's equi marginal service depends on supposition of unitary elasticity of marginal utility curves of commodities under budget." Describe this statement with detailed explanation.
(2) "For most developing nations fighting persistent balance of payments crisis and inflationary crisis, monetary contraction is the better option." Do you have the same opinion? Justify your answer in detail.
(3) Illustrate how price output decision is taken by duopolists, taking into account, their mutual reaction. Under what situation will duopolistic market be in equilibrium?
(4) "If firms create differentiated products it is neither possible to recognize industry nor possible to draw its supply curve." Explain and illustrate how Chamberlin handles problem.
(5) "Agriculture is not just the sector contributing the small proportion of GDP, it is a method of life for the Indians." Describe in detail.