Question

SCHOOL OF ECONOMICS

ECO 103: PRINCIPLES OF MICROECONOMICS

ASSIGNMENT

Attempt all questions. Solutions should be typed and submitted on Tuesday, April 4, 23 12pm at the School of Economics. Late submission will attract a 5 marks deduc n.

QUESTION ONE

Jeffrey Carl Special Gob3, a leading Gob3 seller on UCC campus has its production c and output details in the table below.

Labour (L)

0

1

TP

TFC

AP

TC

TVC

AFC

AVC

2

3

0

6

13

21

10

MP

Mo

4

5

6

28

34 39

7

8

43

46

a. Complete the table assuming wage rate is Gh¢5.00.

b. At what point does diminishing marginal returns sets in?

QUESTION TWO

a. Why is a monopolist's marginal revenue less than the price of its good? Can arginal revenue ever be negative? Explain.

b. A monopoly firm is free to charge any price it wishes. What constrains its ch ce of a price?

QUESTION THREE

c. "A monopolist will never produce so much output as to operate in the inelast portion of the demand curve." Explain​

Answer 1

Step-by-step explanation:

e suis désolé, mais il semble que la question soit incomplète et qu’il manque le tableau mentionné. Pourriez-vous s’il vous plaît fournir la question complète avec toutes les informations nécessaires pour que je puisse vous aider à y répondre ?