ECON 101 Saudi Electronic University Long Run Production of Bicycles Questions: Economics Answers 2021

ECON 101 Saudi Electronic University Long Run Production of Bicycles Questions: Economics Answers 2021

ECON 101 Saudi Electronic University Long Run Itemion of Bicycles Questions: Economics Answers 2021

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ECON 101 Saudi Electronic University Long Run Itemion of Bicycles Questions

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College of Administrative and Financial Sciences
Assignment 2
Principles of Microeconomics (ECON101)
Deadline: End of Week 6 (18/07/2021 @ 23:59)
Course Name: Principles of
Microeconomics
Student’s Name:
Course Code: ECON101
Student’s ID Number:
Semester: Summer
CRN:
Academic Year: 1441/1442 H, Summer
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: /5
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• This assignment is an individual assignment.
• The Assignment must be submitted only in WORD format via allocated folder on
Blackboard.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented. This also includes
filling your information on the cover page.
• Students must mention question number clearly in their answer.
• 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.
• All answered must be typed using Times New Roman (size 12, double-spaced)
font. No pictures containing text will be accepted and will be considered
plagiarism).
Submissions without this cover page will NOT be accepted.
Assignment Questions
Maximum Marks-05
1) Consider the long-run itemion of Bicycles. The cost of the indivisible inputs used in the
itemion of bicycles is $6000 per day. To produce one Bicycle per day, the firm must also spend
a total of $80 on other inputs-labor, materials, and other capital. For each additional bicycle, the
firm incurs the same additional cost of $80.
a) Compute the average cost for 30 bicycles, 60 bicycles, 100 bicycles, and 300 bicycles. (1 marks)
b) Draw the long-run average cost curve for 30,60,100 and 300 bicycles per day. (1 marks)
2) Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing
output level at which
a. P=MC=MR and Firm is making zero economic profit (1 Mark)
b. P=MC=MR and Firm is making a loss (1 Mark)
c. Explain shut down rule with the help of graph (1 Mark)
Answer:

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