Assignment-2                                 Deadline: 20/03/2021

For Instructor’s Use only

• The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Submissions without this cover page will NOT be accepted.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks.
• All answered must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).

Question-1                                                                                         Marks: 5

The table below shows the short run cost for producing bicycles.

Complete all missing values in table below:

1. Draw the short run total cost curve (show the total cost, fixed cost, variable cost).
2. Where the marginal cost and average total cost intercept? Explain the relationship between the marginal cost and the average total cost with the help of graph.

Question 2

1. When do firms decide to shut down production in the short run? Explain it.
2. How is the short run average cost curve and the long run average cost curve shaped? What is the difference between them?

Question 3

The following graph represents the situation of Sindbad’s caps, a firm selling caps in the perfectly competitive caps industry.

• How much output should Sindbad produce to maximize his profit, if the market price is equal to $11?
• How much profit (loss) will he earn? Indicate the profit (loss) area on the graph.
• Suppose Sindbad decides to shut down. What would his loss be?

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