A firmβs short-run total cost function is ππΆ = π 2 β 3π + 500 The firm is a monopolist and the inverse demand function for its product is π = βπ + 105: Introduction to Mathematical Economics Assignment, UMS, Malaysia
| University | Universiti Malaysia Sabah (UMS) |
| Subject | Introduction to Mathematical Economics |
Question 1:
A firmβs short-run total cost function is ππΆ = π 2 β 3π + 500. The firm is a
monopolist and the inverse demand function for its product is π = βπ + 105.
- Β Find the most profitable level of output and the profits at that output.
- Β When maximizing profit, does the firm produce at a minimum average cost?
- Β Sketch the graphs of the inverse demand function, marginal revenue function, and marginal cost function with the same axes, showing the equilibrium price, MR and MC, and output.
- Sketch the graphs of total cost and total revenue with the same axes, showing the equilibrium output and profits.
Question 2:
A firm owns a machine that when new produces annual outputs worth RM100,000.00. However, as the machine gets older its productivity falls due to wear and tear, and after 5 years its annual output will be worth only RM20,000.00. What is the average annual rate of depreciation?
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