Eco402 Assignment 2 Solution 2021

eco402 assignment 2 solution 2021

eco402 assignment 2 solution 2021. SEMESTER FALL 2020. MICROECONOMICS (ECO402). ASSIGNMENT # 02 DUE DATE: 18 TH FEBRUARY, 2021. MARKS: 15.
The Case:
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.

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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.)
225 11
300 10
350 9
400 8
Requirements:
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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IMPORTANT INSTRUCTIONS

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Dear students! As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date.

For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

eco402 assignment 2 solution 2021

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