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[Solved] ECO401 Assignment 1 Solution & Discussion Fall 2019

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15/01/2020 7:45 pm

ECO401 Economics Assignment 1 Solution & Discussion Fall 2019

ECONOMICS (ECO401)
ASSIGNMENT

DUE DATE: JANUARY 21, 2020          MARKS: 15

ASSIGNMENT:

Apple is an American international Tech brand that designs, manufactures, and deals in hardware devices and software. It includes number of hardware products like iPad tablet computer, smart speaker, the Apple Watch but iPhone smartphone is highly demanded product around the globe. Apple has autonomy in production and price setting of its products. Apple is famous for its scope of variety in quality products and earning high revenues. Suppose total revenue (TR) and total cost (TC) functions of Apple are following.

TR = 100Q – 1.5Q2 TC = 30 + 15Q

Requirements:

a.       Calculate profit maximizing output level of Apple using marginal revenue (MR) and marginal cost (MC) approach.

b.       Find out the amount of profit earned by Apple at profit maximizing level of output calculated in part a.

c.       Find out average revenue (AR) function and slope of average revenue (AR) function.

(Marks: Part a:5, Part b: 5, Part c: 2.5+2.5)

IMPORTANT:

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Joined: 1 year ago
Posts: 2253
15/01/2020 7:46 pm

ECO401 Economics Assignment 1 Solution & Discussion Fall 2019

Students having same subject can start discussion here to solve assignment quiz and can clear their concepts until solution is provided. ?️

Joined: 1 year ago
Posts: 2253
19/01/2020 1:01 pm

ECO401 Economics Assignment 1 Solution & Discussion Fall 2019