The diagram below shows the equilibrium position of Balloon manufacturers who are operating under pur competition because one company does not have an edge over another. 99 90 77 D= MR=AR 50 45 MC ATC AVC 10 12 20 Exhibit 21-1 Q The maximum economic profit (or minimum economic loss) for the firm in the diagram above would be a a. profit of R540 b. loss of R480 c. profit of R60 d. loss of R490

Sol-Motors is the only auto manufacturer in West Lidia, a country that prohibits the importation of cars. The graph below shows the demand and the costs for Sol-Motors. Costs and revenues (in thousands) 33 30 27 24 21 18 15 12 63 15 Price: $ 45 30 60 Quantity per period (in thousands) MC D 75 105, 135, 165 90 120 150 MR coordinates: pt 1 2 x 0 SAVE y 0 a. Add the marginal revenue curve to the graph above (starting at zero). Plot only the end points. b. What are Sol-Motors' profit-maximizing output and price? Output: thousands thousands c. Suppose that the government of Lidia imposes a price ceiling of $9,000 per car. What is the firm's profit-maximizing output now? Profit-maximizing output: [ thousands d. What would be the output if the graph represented a perfectly competitive industry rather than a monopoly? Output: thousands

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suppose you are a perfectly competitive firm producing computer memory chips.your production capacity is 1000 units per year.ypur marginal cost is rs.10 per chip up to capacity.you have fixed cost rs.10000,if production is positive and rs.0 if you shut down.what are your profit maximizing levels of production and profut if market price is (a) rs.5 per chip (b) rs.15 per chip and (c) rs.25 per chip.

onsider the table below and assume the market price is $35 per unit. Totalproduct Totalfixed cost TotalVariablecost 0 150 0 1 150 50 2 150 75 3 150 112.4 4 150 150 5 150 200 6 150 270 7 150 360 8 150 475 9 150 620 10 150 800 Now assume there are 600 identical firms in this industry, that is, there are 600 firms, each of which has the same cost data as the single firm discussed above. Suppose, too, that the demand curve for this industry is as follows: Price Quantitydemanded $20 6,800 30 5,975 45 5,500 60 5,125 75 4,500 95 4,200 120 3,600 150 2,400 In equilibrium each firm will realize: Multiple Choice an economic profit of $155. a loss of $45. an economic profit of $35. a loss of $135.

Consider the following graph: Price and cost (per necklace) 200.00 240.00 220.00- 200.00 180.00 160.00- 140.00 120.00- 100.00 80.00 60.00 40.00- 20.00- 0.00+ -N 2 14 MC What is the maximum profit for the firm? D ATC MR 8 10 12 14 16 18 20 22 24 26 Quantity (diamond necklaces)

MonoMed, having a Patent on production of a medicine, has following Demand and CostSchedule: Price (Rs ):   12    11   10   9   8   7   6   5   4   3 Quantity         0     1      2   3    4   5   6   7   8   9 TVC ( Rs )     0     13    16 20  25 31 38 46 56 68 Where Fixed Cost is Rs 5 In a Table calculate TR, MR, TC, AVC, ATC and MC at each price.  Plot the Demand, Marginal Revenue MR, Average Total Cost ATC, Average Variable Cost AVC and Marginal Cost MC Curves of the Firm in a clearly labelled graph.    Calculate the profit earned, if any and show the area on the firm’s graph.  How would you define the market structure of MonoMed? What are the characteristics? Does the firm have pricing power?                                                                         E) What will be the impact of the firm on societal welfare? Would there be welfare loss as compared to a competitive firm? If so, briefly explain. Support your answer using MonoMed’s graph in (b) above.

QUESTION 1 A Discuss the importance of price elasticity of demand, income elasticity of demand and cross price elasticity of demand to a sales manager selling soft drinks like Coca Cola B. If a firm faces the Marginal Cost schedule MC = 180 + 0.3Q²and the MR schedule is MR = 540 = 0.6Q° and that Total Fixed costs are K65. What is the maximum profit it can make? Assume that the second-order condition for maximum is met C. A firm knows that its price (P) and its output (Q) are related by the expression P = 80– 2Q I) Express Q in tems of P Ti) Use this expression to find an expression for TR in terms of Q lii) Find the value of Q which maximizes TR D)A manufacturer knows that: His TRis given by Revenue = 23Q - Q² %3D His total cost of production is; Cost = 36+ 2Q+ 0.1Q? Where Qis the weekly production in thousands

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