ECO202 Economic Ideas and Models for Business: Fixed Cost

ECO202 Economic Ideas and Models for Business: Fixed Cost

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ECO202 Economic Ideas and Models for Business

Questions:

This is a group-based assignment. You should form a group of 4 members from your seminar group. Each group is required to upload a single report via your respective seminar group site in Canvas. Please elect a group leader. The responsibility of the group leader is to upload the report on behalf of the group.

It is important for each group member to contribute substantially to the final submitted work. All group members are equally responsible for the entire submitted assignment. If you feel that the work distribution is inequitable to either yourself or your group mates, please highlight this to your instructor as soon as possible. Your instructor will then investigate and decide on any action that needs to be taken. It is not necessary for all group members to be awarded the same mark.

Question 1

The following table shows the total cost incurred by a firm in the short run. The firm is able to sell any amount of its output at the price of $10 per unit.

Output

Total Cost

10

1

16

2

20

3

22

4

23

5

27

6

36

7

48

8

61

9

81

10

106

  • Expand the table and calculate the fixed cost, the variable cost, the average fixed cost, the average variable cost, the average total cost and the marginal cost for all the output. Comment on the relationships among the various costs (i.e., you should consider four (4)relationships). Explain the importance of marginal cost and average total cost in making business decisions.(30 marks)
  • What is the quantity that the firm should produce? Compute the profit or loss at this quantity.(10 marks)
  • If the market that the firm operates is perfectly competitive, examine the market structure and explain what will happen to the firm in the long run.(10 marks)

Question 2

Consider a monopolist with a demand equation P = 60 – 2Q, where P is the price in dollars and Q is the quantity. The monopolist is able to produce the output with a constant marginal cost of $20 which is equals to the average total cost. Assume that there is no fixed cost.

  • If the monopolist practice single pricing, determine the price, quantity, profit, consumer surplus and producer surplus in this market with the aid of a suitable diagram. Appraise the efficiency in this market.(15 marks)
  • If the monopolist were to practice perfect price discrimination, determine the quantity, profit, consumer surplus and producer surplus of the monopolist. Appraise the efficiency in this market.(15 marks)
  • Consumers and the society are always worse off in a monopolised market compared to a perfectly competitive market. Do you agree? Examine the two (2)market structures and explain with the help of a suitable market diagram.(20 marks)

ECO202 Economic Ideas and Models for Business

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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