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Q TFC TVC TC AFC AVC ATC MC
0 ___ ____ 240 ____ _____ ____ _____
1 ___ 120 360 ____ _____ ____ _____
2 ___ 160 400 ____ _____ ____ ______
3 ____ 180 420 ____ _____ ____ ____
4 ____ 212 452 _____ _____ _____ ____
5 ____ 280 520 _____ _____ ______ ____
Required complete the table above . Show your solution
Useful Formulas
TC=TFC+TVC
AFC=
AVC=
ATC= Or ATC=AFC+AVC
MC=
Labor total product Average Product Marginal
(TP) (AP) Product(MP)
0 0
1 10
2 25
3 45
4 60
5 70
6 70
7 60
8 44
Required
1. Complete the table above by computing AP and MP.
2. Plot in one graph TP, AP and MP. Label graph completely .
3. Indicate the stage of production with its corresponding boundaries.
Pieces of pizza total Utility marginal utility
Qx TUx MUx
0 0
2 8
4 14
6 18
8 20
10 20
12 18
Required:
A. Compute for MUx. Show your solution
B. Based on the table , how many pieces of pizza the consumer will ,consume to maximize his satisfaction
2. Given the following information
Price of burger(Pb)=P50
Price of spaghetti (Ps)= P75
MU of burger(MUb)=180 utils
MU of spaghetti(MUs)= 225 utils
Required:
A. Compute for the consumers equilibrium
B. What is the decision of the consumers ? Will he buy burger or spaghetti ? Justify your answr.
As a Production Manager of a manufacturing firm that produces both an elastic good and an inelastic good, illustrate to a new board of the organisation the relationship between price elasticity of demand and total revenue, and how the elasticity concept can be used to maximise revenues of both commodities?
- Which of the following is not a characteristic of oligopoly?
- A.There are few sellers and many buyers in the industry.
- B.To reduce uncertainty in the market, firms may collude.
- C.Imperfect information
- D.A firm in an oligopolistic market makes pricing decisions independently of the pricing
Explain the necessary conditions for price discrimination and analyse the allocation of output in two different markets by a monopolist
The equilibrium level of income is
Use the following demand schedule on pens to answer the question.
Price Quantity
19 10 000
18 15 000
17 18 000
Elas table pens What is the price elasticity of demand for pens in the price range R19 to R17?
1. What are the steps (methodology) that we need to follow in econometric analysis?
#333702 on Dec 2022