Work out the following questions And give the answers precisely. Question 2B.28 Starting from a point of equilibrium, explain with the aid of a diagram

Work out the following questions And give the answers precisely. Question 2B.28
Starting from a point of equilibrium, explain with the aid of a diagram the effects of a
permanent rise in demand for a product on both the price and output of a perfectly
competitive firm, in both the short run and the long run.
[6] Question 3.4
Mortality of a group of lives is assumed to follow Gompertz’ law. Calculate My for a
30-year old and a 70-year old, given that /, is 0.003 for a 50 year old and 0.01 for a
60-year old.
[4]

(550 words)

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