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    Leul
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    This document outlines an individual assignment for a Microeconomics I course consisting of 6 questions. The questions cover: 1) production theory and graphs of total, average, and marginal product; 2) definitions and graphs of economic costs; 3) using a Cobb-Douglas production function to maximize output with a cost budget; 4) deriving marginal cost and total variable cost functions from an average cost function; 5) characteristics of monopoly markets; and 6) types of price discrimination. Students must explain, show graphs, derive functions, determine equilibrium levels, and discuss key concepts.

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    micro economics I

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    This document outlines an individual assignment for a Microeconomics I course consisting of 6 questions. The questions cover: 1) production theory and graphs of total, average, and marginal product; 2) definitions and graphs of economic costs; 3) using a Cobb-Douglas production function to maximize output with a cost budget; 4) deriving marginal cost and total variable cost functions from an average cost function; 5) characteristics of monopoly markets; and 6) types of price discrimination. Students must explain, show graphs, derive functions, determine equilibrium levels, and discuss key concepts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    33 views1 page

    Individual Assignment

    Uploaded by

    Leul
    This document outlines an individual assignment for a Microeconomics I course consisting of 6 questions. The questions cover: 1) production theory and graphs of total, average, and marginal product; 2) definitions and graphs of economic costs; 3) using a Cobb-Douglas production function to maximize output with a cost budget; 4) deriving marginal cost and total variable cost functions from an average cost function; 5) characteristics of monopoly markets; and 6) types of price discrimination. Students must explain, show graphs, derive functions, determine equilibrium levels, and discuss key concepts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Unity university 2021

    Microeconomics I

    Individual Assignment

    Total points 25%

    1. Explain the theory of production, types of production and optimum level of production.
    Show the relationship between average product, marginal product and total product using
    graph.
    2. What is economic cost?, and explain in words and in graph the following costs: total cost,
    total average cost, marginal cost, average variable cost, average fixed cost
    0 . 75 0 .5
    3. Assume the Cobb-Douglas production function is Q=L K and if price of labor
    per day is 5 birr and price of capital per day is 10 birr; and if total outlay (cost budget) per
    day is 400 birr,
    a) Find L and K that maximize out put
    b) What is the maximum out put the equilibrium L* and K*
    100
    4. Given AC function Q2-4Q+ Q
    A) find the MC function
    B) The TVC function
    C) Determine the level of output at which the MC curve intersects with the AVC curve
    5. Discuss the main characteristics and source of monopoly market
    6. Discuss the price discrimination and their types

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