Economics homework help.
College of Administrative and Financial Sciences
Deadline: 17/11/2020 @ 23:59
|Course Name: Microeconomics||Student’s Name:|
|Course Code: ECON101||Student’s ID Number:|
|Academic Year: 1441/1442 H|
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) No pictures containing text will be accepted and will be considered plagiarism).
- Submissions without this cover page will NOT be accepted.
- 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.
- Compute the average cost for 30 bicycles, 60 bicycles, 100 bicycles, and 300 bicycles. (1 marks)
- Draw the long-run average cost curve for 30,60,100 and 300 bicycles per day. (1 marks)
- Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing output level at which
- P=MC=MR and Firm is making zero economic profit (1 Mark)
- P=MC=MR and Firm is making a loss (1 Mark)
- Explain shut down rule with the help of graph (1 Mark)