Business Law and Be

Business Economic Part A Microeconomics Question 1: (a) fulfil the learning table of courts for a firm. (Note: enter the figures in the MC column between issues of 0 and 1, 1 and 2, 2 and 3, etc.) Output (Units)| TC ($)| AC ($)| MC ($)| 0| 55| -| | 1| 85| 85| | 2| 110| 55| | 3| 130| 43.33| | 4| 160| 40| | 5| 210| 42| | 6| 280| 46.67| | 7| 370| 52.86| | 8| 480| 60| | 9| 610| 67.78| | 10| 760| 76| | (b) How often is jibe fixed hail at: (i) An output of 0 units? (ii) An output of 6 units? (c) How much is total fixed speak to at: (i) An output of 5 units? (ii) An output of 10 units? (d) How much is total variant cost at an output of 5 units? (e) How much is average variable cost at an output of 10 units? Answer: (b) TC=TFC+TVC, when output unit is 0, TC=TFC, and TFC is an invariable value of number. (i) The total fixed cost is 55 at an output of 0 units; (ii) The total fixed cost is 55 at an output of 6 units. (c) AFC=TFC/q, (i) The average fixed cost is 11 at an output of 5 units; (ii) The average fixed cost is 5.5 at an output of 10 units.

(d) TVC=TC-TFC, so total variable cost is 155 at an output of 5 units. (e) AVC=ATC-AFC, so average variable cost is 70.5 at an output of 10 units. Question2: recall the jeans industry is an oligopoly in which each firm sells its own distinctive brand of jeans. , and each firm believes its rivals will not follow its price increases but will follow its price cuts. go and explain the demand curve facing each firm, and condition thin demand curve, does this mean that firms in the jeans industry do or do not compete against one another(prenominal)? Answer: Definition: Oligopoly is a market structure characterised by few sellers, either a homogeneous or a differentiated product and barriers to market entry. (Allen Layton, Tim Robinson and Irvin B. Tucker, P244, Economics for... If you want to ache a full essay, order it on our website: Ordercustompaper.com

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