Scribd
Upload
11 views3 pages

Homework (1)

The document consists of a comprehensive homework assignment covering various topics in economics, including definitions, theories, and calculations related to microeconomics and macroeconomics. It addresses concepts such as demand, supply, elasticity, production functions, market structures, and profit calculations. Additionally, it includes practical problems requiring analysis of demand and supply functions, cost structures, and market equilibrium.

Uploaded by

kajali chakma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
11 views3 pages

Homework (1)

The document consists of a comprehensive homework assignment covering various topics in economics, including definitions, theories, and calculations related to microeconomics and macroeconomics. It addresses concepts such as demand, supply, elasticity, production functions, market structures, and profit calculations. Additionally, it includes practical problems requiring analysis of demand and supply functions, cost structures, and market equilibrium.

Uploaded by

kajali chakma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

Homework

1. Define economics? What are the basic differences between microeconomics and
macroeconomics?
2. Define business economics. What are the scope and importance of business
economics?
3. What are the factors of production? Explain.
4. What is profit? Explain the various theories of profit.
5. What is opportunity cost? Give one example.
6. Explain production possibilities frontier (PPF) with example. Why the PPF is shifting to
the right?
7. What is meant by demand in economics? State the law of demand.
8. List all the factors that influence demand.
9. Distinguish between change in quantity demanded and change in demand.
10. Define normal good and inferior good with example.
11. Consider the following demand and supply functions:
𝑸𝒅 = 𝟏𝟖𝟎 − 𝟐𝑷
𝑸𝒔 = −𝟏𝟐𝟎 + 𝟖𝑷
(i) Find the equilibrium price and quantity.
(ii) Suppose the govt. imposes a sales tax of TK.5 per unit, calculate the new
equilibrium price and quantity.
(iii) Suppose the govt. provides a subsidy of TK.4 per unit, calculate the new
equilibrium price and quantity.
12. What is meant by supply in economics? State the law of supply.
13. Distinguish between supply schedule and supply curve.
14. List all the factors that influence the supply.
15. What is the elasticity of demand? List all the factors that influence the elasticity of
demand.
16. Discuss the various types of elasticity of demand with example.
17. Distinguish between elastic and inelastic demand with example in each.
18. Consider the following demand schedule for a particular firm as follows:

Price (P) Quantity demanded (Q)


10 200
9 230
8 270
7 324
6 378
5 450
4 480
(i) Find the total revenue at each price.
(ii) Show the nature of the price elasticity of demand at each price and explain the
scenario.

19. What is market equilibrium? Explain the market equilibrium with necessary schedules
and graphs.
20. Distinguish between accounting and economic profit.
21. Distinguish between explicit and implicit cost with example in each.
22. Foodland Stores Ltd. which is a grocery retail chain company operating in the province
of Alberta, Canada. During FY21, the company booked total revenue of $40.00 million,
with the cost of goods sold of $28.00 million, employee cost of $6.00 million, selling
& administrative expense of $1.60 million. The company also reported implicit costs
of about $2.00. Calculate the accounting and economic profit.

23. Consider the following price-demand function:


𝐏 = 𝟏𝟐𝟎 − 𝟐𝐐, {𝐐|𝟎 ≤ 𝐐 ≤ 𝟔𝟎}
(i) Find the revenue function.
(ii) Suppose 𝐶 = 20 + 4Q , find the profit function.
(iii) Calculate the profit if Q=10
(iv) Find the break-even level of output.

24. Distinguish between short-run and long-run with example in each.


25. Complete the following table and draw these curves.
Q FC VC TC AFC AVC ATC MC
0 100 0
1 100 50
2 100 90
3 100 100
4 100 180
5 100 300
6 100 500
Show the relation between AC and MC curves.
26. Why average cost (AC) curve is U-shaped? Explain.
27. Define fixed cost and variable cost with example. Consider the following total cost (TC)
function: 𝑻𝑪 = 𝟔𝑸𝟑 − 𝟒𝟖𝑸𝟐 + 𝟐𝟎𝟎𝑸
i) Find the AC function.
ii) Find the critical value at which AC is minimum.
iii) Calculate the minimum average cost.
28. Define production function. State the law of diminishing marginal returns with
example.
29. Define short-run and long-run with example.
30. Complete the following table and draw these curves.
Labor (L) Total Product (TP) Average Product (AP) Marginal Product (MP)
0 0
1 20
2 40
3 70
4 90
5 105
6 118
7 122
8 122
9 118
10 110

31. What is meant by market in economics? Explain the main features of perfect and
imperfect competition.
32. Mention the features of monopoly market. Why monopoly is inefficient?

33. Consider the following total revenue (TR) and total cost (TC) functions of a monopolist:
𝑻𝑹 = 𝟒𝟎𝑸 − 𝟑𝑸𝟐
𝑻𝑪 = 𝟏𝟎𝟎 + 𝑸𝟐
Find the profit maximizing level of output. Calculate the profit.
34. Explain the features of monopolistic competition? Explain the concept of
differentiated products with an example.
35. Explain the main features of the following market with example: Oligopoly, Duopoly,
and Monopsony.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy