ECO 101: Introduction to Microeconomics
Full marks: 10
Time of Submission: Just A week After Assigning, at the end of the class time.
Person to be submitted to :ME
Answer all the questions. The parenthesis carries the credit for each question.
- Explain under each of the situation, whether a firm working under a perfectly competitive market would keep on producing or shut down. (2+2)
- P=14; AC=16; AVC=10 and Q=40
- P=10; AC=10; AVC=8 and Q=20
- Under a Monopoly, what do you understand by rent seeking? How is it different from Dead Weight loss? (3)
- Why is the First Degree Price Discrimination allocatively efficient? (3)