Microeconomics Governments should play active roles At what bandwidth would propagation select a field of professional interest …

FIND A SOLUTION AT Academic Writers Bay

Arab Open University
Final Take Home Exam (FTHE)
Duration: 48 Hours
Academic Year: 2020-2021
Semester: Summer
Branch:
Program: Business
Course title: Microeconomics
Course Code: ECO101
Student Name: Fatmah Abdullah Ahmad
Student ID: 181624
Section Number:
Tutor Name:
Mark Details
Allocated Points
Questions
1
2
3
4
Total
Weight
25
25
25
25
100
Points

Points deduction
Presentation (5 points)
Plagiarism
Total

Total Mark

Notes on plagiarism:
According to the Arab Open University By-laws, “the following acts represent cases of cheating and
Plagiarism: –
Verbatim copying of printed material and submitting them as a full answer of the exam.
Verbatim copying of material from the Internet, including tables and graphics.
Copying other students’ notes or reports.
Using paid or unpaid material prepared for the student by individuals or firms.
Penalties for plagiarism ranges from failure in the exam to expulsion from the university.
Declaration: I hereby declare that the submitted FTHE is my own work and I have not copied any other person’s work or plagiarized in any other form as specified above.
Student Signature
Tutor’s Feedback
Tutor Name:
Tutor Signature:
Answer the following FOUR questions:
(Your answer is expected to be provided after each question)
Question One (25 points)
Explain the effect of the increase of chicken prices on the equilibrium price and equilibrium quantity of the fish. (5 points)
Answer:
Type here …
When the price of a good is below its equilibrium value, what will happen to consumers bid price? Explain. (5 points)
Answer:
Type here …
Incomes of buyers in the market for Sharm El Sheikh vacations decrease. Indicate how you think this change would shift demand in the indicated market. (5 points)
Answer:
Type here …
How would each of the following affect the market supply curve for tomato? (10 points)
A new and improved tomato growing technique is discovered.
Answer:
Type here …
New extra tax imposed by the government on tomato production.
Answer:
Type here …
Question Two (25 points)
Based on the following table, answer the questions below:
Output
TC
TFC
TVC
ATC
AFC
AVC
MC

$600

YOU MAY ALSO READ ...  good understanding of the context Strategic Management Accounting skilled healthcare provider MITS5509 Assignment opportunity to...

1

$180
2

$360

3
$1260

4

$480

5

$360

Complete the table below based on the relationships among the various cost functions. (18 points)
Answer:
Type here …
If the marginal revenue equals $900, what is the level of production that maximize the profits of producer? Explain your answer. (7 points)
Answer:
Type here …
Question Three (25 points)
Based on the information provided in the table below, which of the three firms experiences economies of scale, constant returns to scale, and diseconomies of scale?
(15 points)
Answer:
Type here …
Discuss and explain the concept of positive return to scale showing it relationship with the quantity of production. (10 points)
Answer:
Type here …
Question Four (25 points)
Jamal owns and manages a restaurant in Egypt whose annual revenue is $10,000. Annual expenses are as follows:
Labor
$4,000
Food and water
1000
Electricity
200
Vehicle lease
300
Rent
1000
Interest on loan for equipment
2,000
Calculate Jamal’s annual accounting profit. (9 points)
Answer:
Type here …
Jamal could earn $2,000 per year as a farmer. However, he prefers to run the restaurant. In fact, he would be willing to pay up to $550 per year to run the restaurant rather than to farming. (8 points)
Is the restaurant making an economic profit? Calculate the economic profits?
Answer:
Type here …
Should Jamal stay in the restaurant business? Explain your answer.
Answer:
Type here …
Suppose the restaurant’s revenues and expenses remain the same, but farming’ earnings rise to $2,200 per year. Is the restaurant still making an economic profit? Show your calculations. (8 points)
Answer:
Type here …
Best wishes

Order from Academic Writers Bay
Best Custom Essay Writing Services

QUALITY: 100% ORIGINAL PAPERNO PLAGIARISM – CUSTOM PAPER