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ECO402 Microeconomics GDB Fall 2020 Solution / Discussion

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Question Title The industry long-run supply curve
Question Description

CASE:

The British Electric Supply Industry operates its functions, with the help of various electric companies. These companies produce electricity with various sources, such as coal, gas and wind. The tariffs are different for different energy producing companies. British electricity tariffs create substantial welfare loss, equivalent to between six and twenty percent of domestic consumption value. Losses are greater than un-priced distributional and environmental counter effects. Under current tariffs, expected technological change will reduce total welfare. To deal with production losses, British Government passed an act, to invite new companies, with better technology, so that the cost of producing electricity can be reduced. Deployment of distributed energy resources (e.g. solar) benefits adopters at the expense of non-adopters as tariffs are recalibrated to recover fixed costs. But it is observed that even then, after the entrance of new companies, the losses cannot be recovered and the cost of production further goes up.

Keeping in view the scenario, identify that, under which type of industry the British Electric Supply Industry is working? Also explain the rationale for the identification.

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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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