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# Question 1 Explain the concept of Equilibrium Price in a perfectly Competitive

Question 1

Explain the concept of Equilibrium Price in a perfectly Competitive Market and how it is determined?

Calculate the percentage change in equilibrium price if percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.

Question 2

Calculate the Total Variable Cost, Average Fixed Cost, Average Variable Cost, Average total Cost and Marginal Cost in the table given below (All Cost are given in USD). [2 Marks]

Labor (No of workers)

Output (Number of units)

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average total Cost

MC

0

0

150

0

1

1

150

100

2

5

150

25

3

8

150

37.5

4

10

150

55

5

11

150

650

## Question 1 Explain the concept of Equilibrium Price in a perfectly Competitive

Question 1

Explain the concept of Equilibrium Price in a perfectly Competitive Market and how it is determined?

Calculate the percentage change in equilibrium price if percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.

Question 2

Calculate the Total Variable Cost, Average Fixed Cost, Average Variable Cost, Average total Cost and Marginal Cost in the table given below (All Cost are given in USD). [2 Marks]

Labor (No of workers)

Output (Number of units)

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average total Cost

MC

0

0

150

0

1

1

150

100

2

5

150

25

3

8

150

37.5

4

10

150

55

5

11

150

650

## Question 1 Explain the concept of Equilibrium Price in a perfectly Competitive

Question 1

Explain the concept of Equilibrium Price in a perfectly Competitive Market and how it is determined?

Calculate the percentage change in equilibrium price if percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.

Question 2

Calculate the Total Variable Cost, Average Fixed Cost, Average Variable Cost, Average total Cost and Marginal Cost in the table given below (All Cost are given in USD). [2 Marks]

Labor (No of workers)

Output (Number of units)

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average total Cost

MC

0

0

150

0

1

1

150

100

2

5

150

25

3

8

150

37.5

4

10

150

55

5

11

150

650

## Question 1 Explain the concept of Equilibrium Price in a perfectly Competitive

Writing Assignment Help Question 1

Explain the concept of Equilibrium Price in a perfectly Competitive Market and how it is determined?

Calculate the percentage change in equilibrium price if percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.

Question 2

Calculate the Total Variable Cost, Average Fixed Cost, Average Variable Cost, Average total Cost and Marginal Cost in the table given below (All Cost are given in USD). [2 Marks]

Labor (No of workers)

Output (Number of units)

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average total Cost

MC

0

0

150

0

1

1

150

100

2

5

150

25

3

8

150

37.5

4

10

150

55

5

11

150

650

## Question 1 Explain the concept of Equilibrium Price in a perfectly Competitive

Question 1

Explain the concept of Equilibrium Price in a perfectly Competitive Market and how it is determined?

Calculate the percentage change in equilibrium price if percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.

Question 2

Calculate the Total Variable Cost, Average Fixed Cost, Average Variable Cost, Average total Cost and Marginal Cost in the table given below (All Cost are given in USD). [2 Marks]

Labor (No of workers)

Output (Number of units)

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average total Cost

MC

0

0

150

0

1

1

150

100

2

5

150

25

3

8

150

37.5

4

10

150

55

5

11

150

650

## Question 1 Explain the concept of Equilibrium Price in a perfectly Competitive

Question 1

Explain the concept of Equilibrium Price in a perfectly Competitive Market and how it is determined?

Calculate the percentage change in equilibrium price if percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.

Question 2

Calculate the Total Variable Cost, Average Fixed Cost, Average Variable Cost, Average total Cost and Marginal Cost in the table given below (All Cost are given in USD). [2 Marks]

Labor (No of workers)

Output (Number of units)

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average total Cost

MC

0

0

150

0

1

1

150

100

2

5

150

25

3

8

150

37.5

4

10

150

55

5

11

150

650