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ECO402 Microeconomics Assignment No 02 Fall 2020 Solution / Discussion Due Date:18-02-2021

ECO402 Microeconomics Assignment No 02 Fall 2020 Solution / Discussion Due Date:18-02-2021

MICROECONOMICS (ECO402)

ASSIGNMENT # 02

DUE DATE: 18TH  FEBRUARY, 2021   MARKS: 15

 

The Case:

Pakistan Water and Power Development Authority (WAPDA) was established in 1958. It is an autonomous and statutory body under the administrative control of the Federal Government. WAPDA has a monopoly on producing electricity. The generation, transmission, and distribution of power is the responsibility of the WAPDA. In 2019-20, the total installed capacity of electricity was 36200 MW. Suppose that the amount of electricity for a household and its price are given below:

 

Q (units)

P (Rs.)

225

11

300

10

350

9

400

8

 

Requirements:

Keeping in mind the above scenario, solve the following questions.

 

  1. Calculate total revenue (TR), average revenue (AR), and marginal revenue (MR) for each Marks: 12 (4+4+4) Note: Calculate TR, AR, and MR in table form.

 

Q (units)

P (Rs.)

TR

AR

MR

225

11

?

?

?

300

10

?

?

?

350

9

?

?

?

400

8

?

?

?

 

  1. Why marginal revenue is less than price (MR<P) in the case of monopoly. Marks: 3

 

 

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Note related to load shedding: Please be proactive Dear students!

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