经济学原理练习题 3

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1、ECO1503:PrinciplesofEconomicsFall2009ASSIGNMENT3Distributedon:Tuesday,October27,2009*DueDate:12:30pm,Thursday,November5,2009Question1.(20marks)Considerthetwodiagramsbelow.DiagramArepresentsatypicalfirminaperfectlycompetitiveindustry.DiagramBrepresentsthesupplyanddemandconditionsinthatindust

2、ry.(a)Describetheprice,output,andprofitsituationfortheindividualfirmintheshortrun.(b)Describewhatwillhappentotheindividualfirmandtheindustryinthelongrun.ShowthechangesondiagramsAandB.*Penaltiesforlatesubmissions:-Upto30minutes:25%oftotalawardedmarks-Upto60minutes:50%oftotalawardedmarks-Over

3、60minutes:100%oftotalawardedmarks1Question2.(25marks)Assumethataperfectlycompetitivefirmhasthescheduleofcostsgiveninthetablebelow.OutputTFCTVCTC0$500$0$5001500150650250020070035002607604500340840550045095065005901,09075007701,27085001,0001,50095001,2901,790105001,6502,150(a)Completethetable

4、belowtoshowthetotalrevenueandtotalprofitofthefirmateachlevelofoutputthefirmmightproduce.Assumemarketpricesof$50,$150,and$250.Marketprice=$50Marketprice=$150Marketprice=$250TotalProfit(+)TotalProfit(+)TotalProfit(+)Outputrevenueorloss(–)revenueorloss(–)revenueorloss(–)0$_____$______$______$_

5、_____$______$______1___________________________________2___________________________________3___________________________________4___________________________________5___________________________________6___________________________________7___________________________________8___________________

6、________________9___________________________________10___________________________________(b)Indicatewhatoutputthefirmwouldproduceanditsprofitsinthefollowingtable.PriceQuantitysuppliedProfit(+)orloss(–)$50__________150__________250__________ECO1503-Fall2009-Assignment32Question3.(30marks)The

7、followingtablecontainsdemandandcostdataforamonopolist.Answerthefollowingquestions:QuantityPriceTotalrevenueMarginalrevenueTotalcostMarginalcost0$34$0$8413232$3296$1223060281061032884241148426104201184524120161224622132121286720140814012818144416020916144