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problem 1:

What do understand by the law of diminishing returns?

problem 2:

Make a distinction between fixed and variable costs, using instances.                               

problem 3:

A perfectly competitive firm faces a price of Rs14 per unit. It has the following short-run cost schedule:

Output

0

1

2

3

4

5

6

7

8

TC(Rs)

10

18

24

30

38

50

66

91

120

1. Plot AC, MC and MR on a diagram.

2. State the profit-maximising output.             

3. How much (supernormal) profit is made at this output?            

4. Describe, through the use of diagrams, what happens in a perfectly competitive market structure, in the long run if supernormal profits are earned in short run.              

5. Why should government intervene in case of a monopoly?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M97591

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