A firm’s short-run total cost function is 𝑇𝐢 = π‘ž 2 βˆ’ 3π‘ž + 500 The firm is a monopolist and the inverse demand function for its product is 𝑝 = βˆ’π‘ž + 105: Introduction to Mathematical Economics Assignment, UMS, Malaysia

University Universiti Malaysia Sabah (UMS)
Subject Introduction to Mathematical Economics

Question 1:

A firm’s short-run total cost function is 𝑇𝐢 = π‘ž 2 βˆ’ 3π‘ž + 500. The firm is a
monopolist and the inverse demand function for its product is 𝑝 = βˆ’π‘ž + 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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