eco402 assignment 2 solution 2021. SEMESTER FALL 2020. MICROECONOMICS (ECO402). ASSIGNMENT # 02 DUE DATE: 18 TH FEBRUARY, 2021. MARKS: 15.
WAPDA such as Pakistan Water and Power Development Authority was established in1958. It is an autonomous & statutory body comes under the administrative control of the Federal Government. WAPDA has a monopoly on producing electricity.
The generation, transmission, and distribution of power is the responsibility of the WAPDA. In 2019-20, the total installed capacity of electricity was 36200 MW. Suppose that the amount of electricity for a household and its price are given below:
Q (units) P (Rs.)
Keeping in mind or a very important point be noted here that, the above scenario, solve the following questions. a. Calculate total revenue (TR), average revenue (AR), and marginal revenue (MR) for each quantity. Marks: 12 (4+4+4).
Note: Calculate TR, AR, and MR in table form.
Q (units) P (Rs.) TR AR MR
225 11 ? ? ?
300 10 ? ? ?
350 9 ? ? ?
400 8 ? ? ?
b. Why marginal revenue is less than price (MR<P) in the case of monopoly. Marks: 3
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eco402 assignment 2 solution 2021