Q1) With the help of suitable diagrams, elaborate Cournot Model. What is the significance of the reaction curves in the model? (200 Words)
Q2) What are the backward rising input supply curves?Illustrate with the help of examples.
Q3) The adjustment to a tax imposition not only affects the distribution of tax burden but also bears upon the efficiency of resources use in private sector. Substantiate the above statement highlighting the role of taxation policy in improving allocative efficiency in an economy. (200 Words)