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Bureau of Economic Analysis

ˇ ˚ ˇˇ˚"ˇ #˙ $%$$ˇ&ˇˇ$ˇ (ˇ˝$ˇ $ $˜/ˇˇˇ/2ˆ /- 0˜˜ˇ$ 0-ˇ$$ˇ $ˇˇˇˇ3˙,ˇˇ $ˇ2$-ˇ$ˇ˙˙ˇ$//ˆ +ˇ$˙ˇˇ$˝. ˇ (˙ ˜ˇˆ ˘ˇˇ 5$ˇ$+$ 0ˇ$ˇ7$ ˇ $,˚ ˇ $'$$ ...

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Season

Spring

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University

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BCO115 Microeconomics

Question

Answered

Questions:

Task: Summative Assignment
There is one summative assignment, and it is divided into two parts. You are asked to answer all the questions in the proposed cases.
This is an individual task. All students must submit their own file in the Moodle submission point.
 
1st part
QUESTION 1: How will the following changes affect the market price of wheat flour (assuming that the market is initially in equilibrium)?   In each case, write your answer and sketch what happens to the demand and/or supply curves and, as result, what happens to the equilibrium price.
 
QUESTION 2: Given the following supply schedule
Draw the supply curve and calculate price elasticity of supply between P=2 and P =4; and also between P = 8 and P = 10
 
2nd part
Profit maximization:
QUESTION 3:  Let us assume that a company faces a market price of £3 per unit for its product.
a)    What is its total revenue from selling 5 units?  and 8 units?
b)    What shape is its total revenue curve?
c)    What will be its marginal revenue from selling the fifth unit?  and the eighth unit?
d)    What shape is its marginal revenue curve?
 
QUESTION 4:  Define with your own words what “economies of scale” are, and give an example
 
QUESTION 5:  What’s the difference between Profit, Normal Profit and Supernormal Profit?
 
Formalities:
•    Wordcount: 1,500 words in total
•    Cover, Table of Contents, References and Appendix are excluded of the total wordcount.
•    Font: Arial 12 pts. 
•    Text alignment: Justified. 
•    The in-text References and the Bibliography have to be in Harvard’s citation style.

BCO115 Microeconomics

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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Bureau of Economic Analysis

ˇ ˚ ˇˇ˚"ˇ #˙ $%$$ˇ&ˇˇ$ˇ (ˇ˝$ˇ $ $˜/ˇˇˇ/2ˆ /- 0˜˜ˇ$ 0-ˇ$$ˇ $ˇˇˇˇ3˙,ˇˇ $ˇ2$-ˇ$ˇ˙˙ˇ$//ˆ +ˇ$˙ˇˇ$˝. ˇ (˙ ˜ˇˆ ˘ˇˇ 5$ˇ$+$ 0ˇ$ˇ7$ ˇ $,˚ ˇ $'$$ ...

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Econ 201 MACRO Project 2 2021 Name = "Lastname P2.pdf" Download from LEO class > Content > PDFs Upload to Activities/A > Assignments > Project 2 Points off for : Incorrect or incomplete answers. Lateness (but late > never) - - - - - - - - - - - ...

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