Instructions

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 production of Bicycles. The cost of the indivisible inputs used in the production 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.
  2. Compute the average cost for 30 bicycles, 60 bicycles, 100 bicycles, and 300 bicycles. (1 marks)
  3. Draw the long-run average cost curve for 30,60,100 and 300 bicycles per day. (1 marks)
  • Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing output level at which
  • P=MC=MR and Firm is making zero economic profit (1 Mark)
  • P=MC=MR and Firm is making a loss (1 Mark)
  • Explain shut down rule with the help of graph (1 Mark)

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