ECO401 Economics Assignment No 02 Fall 2020 Solution / Discussion

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ECO401 Economics Assignment No 02 Fall 2020 Solution / Discussion

[+ M.Tariq Malik]

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ECO401-Assignment-2-Solution-Fall-2020

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ECO401 Assignment 2 Solution idea Fall 2020

 

Solution:

TR = 150 Q – 4 Q²

TC = 40 + 10 Q + 3 Q²

• Profit maximize at point where

 

MC = MR

 

MC =  = 6 Q + 10

 

MR =  = 150 – 8 Q

 

MR = MC

 

Putting the values in the above

 

150 – 8 Q = 6 Q + 10

 

Or

 

-8 Q – 6 Q = 10 – 150

 

            -14 Q = -140

 

             Or

 

            Q =

 

            Q = 10

 

           (b)

 

          TΠ = TR – TC

 

                = 150 Q – 4 Q² – 40 – 10 Q – 3 Q²

 

          Or

 

                = 150 Q – 10 Q – 40 – 4 Q² – 3 Q²

 

               = 140 Q – 40 – 7 Q²

 

               We know that Q = 10

 

               So, we can write that

 

              = 140 (10) – 40 – 7 (10)²

 

              = 1400 – 40 – 7 (100)

 

             = 1400 – 40 – 700

 

  TΠ     = 660

 

            (c)

          AR =

               

              AR =

               Taking Q common from above side

             AR =

 

              AR= 150 – 4 Q

 

             We know that Q = 10

 

               So, we can write that

       

               AR = 150 – 4 (10)

   

                AR= 150 – 40

 

                AR= 110

 

                 Slope of MR Curve is Twice the Slope of AR Curve.

                 Slope of AR is obtained by differentiating AR function w.r.t Q.

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ECO401 Assignment 2 Solution Fall 2020 | ECO401 Assignment 2 Solution 2021

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Eco401 Assignment 2 Solution 2021 2020 Concept Building

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Economics 401 assignment no 2 solution 2021 2020 lecture 18 In this Course Of Economics 401 eco401 You will Learn about. Introduction to Economics, Normative economics and positive economics, Factors of production, Economic systems, Circular flow of goods and income, Micro vs. Macro Economics, Cost and Benefit Analysis, Opportunity cost and production possibility frontier, Goods market and factors market, Demand and supply analysis, equilibrium, Shortage, surplus and price mechanism, Demand and law of demand factors shifting demand curve, price ceiling and price floor, Elasticities, Types of elasticity, Elastic and inelastic demand, Effects of advertising on demand curve, Incidence of taxation, Cardinal / Utility approach, Total and marginal utility, the law of diminishing marginal utility, consumer equilibrium under cardinal approach, diamond-water paradox, the problem of uncertainty and risk, Ordinal / Indifference curve approach, The income consumption curve (ICC) and price consumption curve (PCC), Consumer equilibrium under ordinal approach, Traditional theory of firm, The law of diminishing marginal returns, the scale of production, The concept of isoquant and isocost, optimum combination of factors, Costs, Types of costs, Revenues, Types of revenues, Profit maximization, approaches of profit maximization, Market Structures, Perfect competition, Monopoly, price discrimination and its types, Monopolistic competition, Oligopoly, collusive and non-collusive oligopoly, prisoner’s dilemma, Welfare economics, the concept of externality, information economics, Introduction to Macroeconomics, The concept of aggregate demand, aggregate supply, The concept of invisible hands and Classical economists, The Great Depression and Say’s law, The Classical and Keynesian views about great depression, labor market, market for loanable funds, Keynes demand management policies, different school of thoughts, Macro Economic data, National Income accounting and its various concepts, Macro Economic Variables, macroeconomic equilibrium, Determination of national income, consumption, investment, The Keynesian multiplier and accelerator, Keynesian paradox of thrift, Four big Macro ,Economic Issues and their Relationship, Unemployment and its types, classical, Keynesian and monetarist’s views about unemployment, Inflation and its measurement, costs of inflation, theories about inflation, Balance of payments, equilibrium in the market of foreign exchange, current account, capital account, Economic Growth, exogenous and endogenous growth theory, Relationship between the “Big Four”, Fiscal Policy and Taxation, Monetary policy, Central Banking, The IS-LM Framework: International Trade and Finance, comparative advantage theory, Problems of Lower Income Countries.

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Eco-401 Assignment 2 Solution 2021