College of Administrative and Financial Sciences Assignment-2 Deadline: 17/11/2020 @ 23:59 Course Name: Microeconomics Student’s Name: Course Code: ECON101 Student’s ID Number: Semester: I CRN: 10123 Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Dema ALMohanna Students’ Grade: / 5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • 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. • 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). • Submissions without this cover page will NOT be accepted. Assignment Questions Maximum Marks-05 1) Consider the long-run production of Bicycles. The cost of the indivisible inputs used in the production of bicycles is $6000 per day. To produce one Bicycle per day, the firm must also spend a total of $80 on other inputs-labor, materials, and other capital. For each additional bicycle, the firm incurs the same additional cost of $80. a) Compute the average cost for 30 bicycles, 60 bicycles, 100 bicycles, and 300 bicycles. (1 marks) b) Draw the long-run average cost curve for 30,60,100 and 300 bicycles per day. (1 marks) 2) Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing output level at which a. P=MC=MR and Firm is making zero economic profit (1 Mark) b. P=MC=MR and Firm is making a loss (1 Mark) c. Explain shut down rule with the help of graph (1 Mark) Answer: …
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