College of Administrative and Financial Sciences<\/p>\n
Assignment 2<\/p>\n
Microeconomics (ECON101)<\/p>\n
Deadline for students: (31\/10\/2022@ 23:59)<\/p>\n
Course Name: Microeconomics <\/p>\n
Student\u2019s Name: <\/p>\n
Course Code: ECON101<\/p>\n
Student\u2019s ID Number: <\/p>\n
Semester: 1 <\/p>\n
CRN: <\/p>\n
Academic Year: 2022-23 SEM-1 <\/p>\n
For Instructor\u2019s Use only<\/p>\n
Instructor\u2019s Name: xxxxxxx<\/p>\n
Students\u2019 Grade: \/10<\/p>\n
Level of Marks: High\/Middle\/Low<\/p>\n
Instructions \u2013 PLEASE READ THEM CAREFULLY <\/p>\n
This assignment is an individual assignment.<\/p>\n
The Assignment must be submitted only in WORD format via the allocated folder.<\/p>\n
Assignments submitted through email will not be accepted.<\/p>\n
Students are advised to make their work clear and well presented. This also includes filling in your information on the cover page.<\/p>\n
Students must mention question numbers clearly in their answers.<\/p>\n
Late submitted assignments will NOT be entertained.<\/p>\n
Avoid plagiarism; the work should be in your own words; copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. <\/p>\n
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).<\/p>\n
Submissions without this cover page will NOT be accepted. (Don\u2019t change the cover page format.)<\/p>\n
(Total Marks: 10)<\/p>\n
[Course learning outcomes covered: (LO1.1)]<\/p>\n
Assignment Questions: <\/p>\n
Q1. You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.<\/p>\n
Workers<\/p>\n
10<\/p>\n
11<\/p>\n
12<\/p>\n
13<\/p>\n
14<\/p>\n
15<\/p>\n
Output<\/p>\n
5<\/p>\n
29<\/p>\n
41<\/p>\n
47<\/p>\n
50<\/p>\n
52<\/p>\n
Labor cost<\/p>\n
Material cost<\/p>\n
Fixed cost<\/p>\n
$2<\/p>\n
$2<\/p>\n
$2<\/p>\n
$2<\/p>\n
$2<\/p>\n
$2<\/p>\n
Total cost<\/p>\n
Marginal cost<\/p>\n
Fill in the blanks in the table. (3 points)<\/p>\n
What is the profit maximizing output? [ students may use marginal approach] (1 points)<\/p>\n
Note: For answering question-1 (a) and (b) students are required to show all possible calculations.<\/p>\n
Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.<\/p>\n
(a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market? (2 points)<\/p>\n
(b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly? (2points)<\/p>\n
(c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation. (2points)<\/p>\n","protected":false},"excerpt":{"rendered":"
College of Administrative and Financial Sciences Assignment 2 Microeconomics (ECON101) Deadline for students: (31\/10\/2022@ 23:59) Course Name: Microeconomics Student\u2019s Name: Course Code: ECON101 Student\u2019s ID Number: Semester: 1 CRN: Academic Year: 2022-23 SEM-1 For Instructor\u2019s Use only Instructor\u2019s Name: xxxxxxx Students\u2019 Grade: \/10 Level of Marks: High\/Middle\/Low Instructions \u2013 PLEASE READ THEM CAREFULLY This assignment […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-105826","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=105826"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105826\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=105826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=105826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=105826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}