Institute of Business Management

Semester: 2017
Course Instructor: Irfan Lal Total Marks:100
Submit befor Final term

Assignment
Assignment No.3
No.3

Q#1
a, The following table contains information about the revenues and costs for Barry's Baseball
Manufacturing. All data are per hour. Complete columns that correspond to Barry's production if P =
$3. (TR total revenue, TC total cost, AR= average revenue, MR=marginal revenue and MC=marginal
cost)
Q TR TC MR AR MC Profit
0 1
1 2
2 4
3 7
4 11
5 16

b. If the price is $3 per baseball, what is Barry's optimal level of production? What criteria did you
use to determine the optimal level of production?
c. Explain Aspiration level of output?
Q#2 Draw short run demand and supply curve of perfectly competitive market?

Q#3 Define market and explain assumption of perfectly competitive market??

Q#4 Explain all possibilities of perfectly competitive firm in short run and long run with the help of
diagrams?

Q5# Explain Increasing, decreasing and constant cost industry and draw supply curve of each
industry?

Q#6 Explain Monopoly Causes of Monopoly and its possibilities with the help of diagrams?

Q#7 Differentiate Perfect competition and Monopoly, Draw Demand and supply curve of Perfect
competitive and monopoly firm?

Q#8 Describe the deadweight loss, producer and consumer loss with the help of a diagram?
(Monopoly)

Q#9 Explain all models of Cooperative and Non Cooperative Oligopoly market?
(Cartel, Cornet, Bertrand, Stackleberg and Nash equilibrium)

Q#10 Shortly define all types of Market?