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Assignment Questions : Q1. You have been hired as an...
Assignment Questions:
Q1. You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.
| Workers | 10 | 11 | 12 | 13 | 14 | 15 |
| Output | 5 | 29 | 41 | 47 | 50 | 52 |
| Labor cost | ||||||
| Material cost | ||||||
| Fixed cost | $2 | $2 | $2 | $2 | $2 | $2 |
| Total cost | ||||||
| Marginal cost |
- Fill in the blanks in the table. (3 points)
- What is the profit maximizing output? [ students may use marginal approach] (1 points)
Note: For answering question-1 (a) and (b) students are required to show all possible calculations.
Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.
- (a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market? (2 points)
- (b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly? (2points)
- (c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation. (2points)
Answer & Explanation
Solved by verified expertAnswered by ridh88 on coursehero.com
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<figure class="image"><img src="/qa/attachment/36488957/" alt="36488957"/></figure><figure class="image"><img src="/qa/attachment/36488956/" alt="36488956"/></figure><p> </p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus eff</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congu</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet a</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet.</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit.</p><p>sectetur adipiscing</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Na</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, con</p><p> </p>
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Answered by DeaconComputer9167 on coursehero.com
<p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet.</p><p> </p><p> </p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus e</p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitu
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