Eco 514 Managerial Economics Dr. Naghshpour Exam 3 100 Points 1. (20 Points) Lis
ID: 366466 • Letter: E
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Eco 514 Managerial Economics Dr. Naghshpour Exam 3 100 Points 1. (20 Points) List and explain the conditions (assumptions/requirements) for a perfectly competitive market structure. 2. (20 Points) Use a graph to show a monopolist have an economic loss. Make sure to include MC, AC, Demand, and MR curves. Clearly indicate the quantity, the price, the cost, and shade the area of the economic loss (50 points). Complete the missing values for this firm under perfect competition. 3. Q P TR MR FC TVC TC AVC ATC MC Profit Marginal Profit 0 110 o 100 0 100 0 -100 1 110 110 110 100 55.7 155.7 55.7 X5 55.7 -45.7 2 110 220 110 100 105.6 205.6 52.8 102.8 49.9 14.4 3 110 330 110 100 153.9 253.9 51.3 84.633 X6 76.1 4 110 440 110 100 204.8 X3 51.2 76.2 50.9 135.2 5 110 X1 110 100 262.5 362.5 52.5 72.5 57.7 187.5 6 110 660 110 100 331.2 431.2 55.2 71.867 68.7 228.8 7 110 770 110 100 x2 515.1 59.3 73.586 83.9 X7 8 110 880 110 100 518.4 618.4 64.8 77.3 103.3 261.6 9 110 990 110 100 645.3 745.3 71.7 82.811 126.9 244.7 54.3 60.1 61.7 59.1 52.3 41.3 26.1 6.7 16.9 44.7 10 110 1100 110 100 800 900 X4 90 154.7 200 11 110 1210 110 100 986.7 1086.7 89.7 98.791 186.7 123.3 12 110 1320 110 100 1209.6 1309.6 100.8 109.13 222.9 10.4 X8 112.9 X3= How many units this firm will produce? 4. (10 Points). Define the following: A. Sunk cost B. Short run average cost curve C Iong run average cost curveExplanation / Answer
1. perfectly competitive market is the one where the products are same in nature and there wont be any differentiation among the products. all the producers offere same product at same price with same quality. the degree of competition is high in this and no product differentitation is there. best example for this market is agriculture products. the basic assumptions of this market is, there are large number of sellers and buyers to the product, homogenious products, perfect mobility of resources and no government regulations.
23. X1= 550
X2= 415.1
X3= 304.8
X4= 80
X5= 155.7
X6= 48.3
X7= 254.9
X8= (-76.7)
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