I’m working on a micro economics question and need an explanation and answer to help me learn.
This assignment is an individualassignment.
❖ The Assignment must be submitted only in WORD format via the allocated folder.
❖ Assignments submitted through email will not be accepted.
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❖ Students must mention question numbers clearly in their answers.
❖ Late submitted assignments will NOT be entertained.
❖ Avoid plagiarism; the work should be in your own words; copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
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(Total Marks: 10)
[Course learning outcomes covered: (LO1.1)]
Assignment Questions:
Q1.You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.
Workers
10
11
12
13
14
15
Output
5
29
41
47
50
52
Labor cost
Material cost
Fixed cost
$2
$2
$2
$2
$2
$2
Total cost
Marginal cost
a. Fill in the blanks in the table. (3 points)
b. What is the profit maximizing output? [ students may use marginal approach] (1 points)
Note: For answering question-1 (a) and (b) students are required to show all possible calculations.
Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.
• (a)Write in brief about the firm chosen andexplain how the firm is trying to create a monopoly or dominating the market?
• (b)Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly?
• (c)Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation.
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