Principles of Microeconomics

| February 10, 2014

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1. Identify the relationship between price and marginal revenue and explain why this relationship exists for a perfectly competitive firm?
2. The table below gives costs for Company Y in Dubai.
(Per Unit) Fixed Costs
(AED) Variable Cost
0 10 0
1 10 4
2 10 9
3 10 17
4 10 25
5 10 32
6 10 38
7 10 45
8 10 59
(a) Using this information, calculate average total cost (AC), and marginal cost (MC) if the firm produces 4units?
(b) Assume that this company operates in a perfectly competitive market and the market price is AED 6
Based upon this information, determine the profit maximizing output, as well as the profit at that output level?
3. In country A, sugar had always been produced in a perfectly competitive industry until a dictator seized power and monopolized the production of sugar. Draw a graph that shows the output and price the monopolist would choose to maximize profits.
4. In a particular product market there are a few sellers setting their price and output together and there are substantial barriers to entry. Using labeling graph explain how this firm determines its equilibrium output and price?
need answers for the questions
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