ECO-201: Intermediate Microeconomics

Section 2
Quiz 6
Time Allowed: 35 minutes
Maximum Marks: 25 marks

1: Graphically and mathematically depict and explain the shapes of marginal cost curve,
average total cost curve, and average variable cost curve. Highlight the relationship between
these curves. (10 marks)

2: Given the cost function: C = 3q2 + 400q + 2000

What is the quantity of output at the shutdown point? (5 marks)

3: Graphically depict and explain the derivation of the long-run Industry Supply curve. (10
marks)