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EPP100 Microeconomics

EPP100 Microeconomics

Summer Semester

Assignment Questions

Details:

a. Provide answers for all the questions listed below. Use graphs and examples, wherever applicable.

b. Prepare a write up – typed or hand written – and submit the pdf file through an email to faculty before 26th August 2021.

c. No specific word limit is given. However, please ensure to include and discuss all relevant points.

Questions:

1. What is the relationship between a firm’s total revenue, profit, and total cost?

2. Give an example of an opportunity cost that an accountant would not count as a cost. Why would the accountant ignore this cost?

3. What are the main characteristics of a competitive market?

4. Explain the difference between a firm’s revenue and its profit.

5. Draw the cost curves for a typical firm. Explain how a competitive firm chooses the level of output that maximizes profit. At that level of output, show on your graph the firm’s total revenue and total cost.

6. Why is a monopolist’s marginal revenue less than the price of its good? Can marginal revenue ever be negative? Explain.

7. Draw the demand, marginal-revenue, average total-cost, and marginal-cost curves for a monopolist. Show the profit-maximizing level of output, the profit-maximizing price, and the amount of profit.

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