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    You Get 2 Points For Free by Just Submitting This Assignment, Meaning Even If You Got All The Wrong Answers, Your Minimum Score Is 2 Points

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    Do Thi Minh Ly (K16HL)
    The document is an economics assignment asking the student to answer multiple choice questions about microeconomics concepts. It provides production data for a perfectly competitive firm and demand/cost data for a monopoly. The student is asked to calculate costs, revenues, profits/losses and other metrics to determine the profit-maximizing level of output for the firm, its shutdown price, and long-run entry and exit prices. They are also asked to do similar calculations for the monopoly based on the data provided.

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    You Get 2 Points For Free by Just Submitting This Assignment, Meaning Even If You Got All The Wrong Answers, Your Minimum Score Is 2 Points

    Uploaded by

    Do Thi Minh Ly (K16HL)
    35 views3 pages
    The document is an economics assignment asking the student to answer multiple choice questions about microeconomics concepts. It provides production data for a perfectly competitive firm and demand/cost data for a monopoly. The student is asked to calculate costs, revenues, profits/losses and other metrics to determine the profit-maximizing level of output for the firm, its shutdown price, and long-run entry and exit prices. They are also asked to do similar calculations for the monopoly based on the data provided.

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    The document is an economics assignment asking the student to answer multiple choice questions about microeconomics concepts. It provides production data for a perfectly competitive firm and demand/cost data for a monopoly. The student is asked to calculate costs, revenues, profits/losses and other metrics to determine the profit-maximizing level of output for the firm, its shutdown price, and long-run entry and exit prices. They are also asked to do similar calculations for the monopoly based on the data provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views3 pages

    You Get 2 Points For Free by Just Submitting This Assignment, Meaning Even If You Got All The Wrong Answers, Your Minimum Score Is 2 Points

    Uploaded by

    Do Thi Minh Ly (K16HL)
    The document is an economics assignment asking the student to answer multiple choice questions about microeconomics concepts. It provides production data for a perfectly competitive firm and demand/cost data for a monopoly. The student is asked to calculate costs, revenues, profits/losses and other metrics to determine the profit-maximizing level of output for the firm, its shutdown price, and long-run entry and exit prices. They are also asked to do similar calculations for the monopoly based on the data provided.

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    You are on page 1of 3

    Name: Đỗ Thị Minh Lý

    Student ID: HS160932

    ECON 111: MICROECONOMICS PRINCIPLES


    INDIVIDUAL ASSIGNMENT

    Deadline: Midnight, March 5th, 2022. Submissions accepted only via Google Classroom.

    You get 2 points for free by just submitting this assignment, meaning even if you got all the
    wrong answers, your minimum score is 2 points.

    Question 1:
    Given the following information about a firm under perfect competition:

    Q TC
    0 50
    10 125
    12 135
    14 140
    16 150
    17 160
    18 175
    20 215

    (a) Calculate the firm’s MC, ATC, AFC, and AVC, for the given levels of output. (1)
    Q TC ATC AFC AVC MC MR

    0 50 na na na

    10 125 12,5 5 7,5 7,5 20

    12 135 11,25 4,17 7,083 5 20

    14 140 10 3,57 6,43 2,5 20

    16 150 9,375 3,125 6,25 5 20

    17 160 9,41 2,94 6,47 10 20

    18 175 9,72 2,78 6,94 15 20

    20 215 10,75 2,5 8,25 20 20

    (b) If the price of the product is $20, at what output will the firm maximize its profits? (1)
    (c) Calculate the profits at the above profit-maximizing output? (1)
    (d) At what price should the firm shut down operations in the short run? (1)
    (e) At what price should the firm enters the market in the long run? At what price should the firm
    exits the market in the long run? (1)

    Question 2 A monopoly faces a demand curve and has total costs as follows

    Quantity Price Total Cost

    1 20 30

    2 18 32

    3 15 36

    4 12 42

    5 9 50

    6 7 63

    7 4 77

    a) Calculate marginal cost at each output level. (1)


    b) Calculate total revenue at each output level. (1)
    c) Calculate profit/loss at each output level.(1)

    Quantity Price Total Cost MR TR PROFIT LOSS MC

    1 20 30 20

    2 18 32 16 36 2

    3 15 36 -6 30 4

    4 12 42 18 48 6

    5 9 50 -3 45 8

    6 7 63 18 63 13

    7 4 77 -35 28 14

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