ECON 160 University of South Florida Microeconomics Principles Assessment 3 I attached the assignment In Academic Affiliation with California State Univers

ECON 160 University of South Florida Microeconomics Principles Assessment 3 I attached the assignment In Academic Affiliation with California State University – Northridge
Department of Business Administration and Accounting
Assessment 3
Second Semester 2019-’20
Course Code
Course Name
Course Instructor
: ECON 160
: Microeconomics Principles
: Dr. Mohammed
Assessment weighting: 30%
Day
: Monday
Date
: 18-05-2020
Date of Submission :28-05-2020
Student Name
I.D. Number
Section
: …………………………………………………
: ………………….….…………………………
:2
Question No.
O1
Marks Obtained
O2 O3 O4
O5
1
2
Outcomes Total
O6
15
15
15
15
Maximum
Comments if any
Marks
/15
/15
/30
Total Marks(in figures)
Total Marks(in words)
Evaluator’s Signature
Remark: Candidates are advised to read all instructions before answering
1
The following student learning outcomes of the course are tested in this exam:
O4. Differentiate how people make individual choices and be able to analyze household
Behavior and consumer choice.
O5. Know the principles of market structure and the production process.
O6. Analyze and evaluate cost and output decisions in the short and long run.
Individual Assignment
Assessment Weighting: 30%
Plagiarism Policy
“Plagiarism is using someone else’s work, in whole or in part, as one’s own without crediting or
citing that source properly. It also occurs if the permission has not been obtained from the author
to use his or her work. It includes all electronic sources, all printed and written sources; and all
verbal sources. In BUC sharing one’s work with other students is also considered an act of
plagiarism. Plagiarism can lead to punishment ranging up to giving grade (f) in the course or
dismissal from the college”
Submission Instructions – very important
▪
▪
▪
▪
▪
Use A4 size paper
Use Times New Roman 12 font size with 1.5” line spacing
Use first page of assignment as cover page to submit your work
Late submission is subjected to deduction of 2 marks per delayed day
Student will be awarded zero grades and served with academic warning in case of
submitting plagiarized work
▪
▪ Please submit the assignment via Moodle.
2
Answer all the questions
Question 1
[O5, O6][15 Marks]
Question 1.A
[05Marks]
Complete the following table and what production technique should this firm use:
Assuming the price of capital (k) is $5 and the price of labor (L) is $10, and the price of
commodity (Q) is $3.
Technique
A
B
C
D
E
F
Q
50
50
50
50
50
50
L
10
9
5
12
2
7
K
6
8
10
8
10
12
TR
TC
Profit(π)
Question 1.B
[10Marks]
Complete the following table and illustrate by graph following variables
(TFC, TVC, TC, MC)
Q
TFC
TVC
0
20
0
1
35
2
38
3
40
4
55
TC
MC
ATFC
ATVC
ATC
————————————————————————————————————————————————————————————————————————————————————————————————————————————————————3
————————————————————————————————————————————————————————————————————————————————————————————————————————————————————-
Question 2:
Answer the following questions
[O4 , O5 ] [15 Marks]
Question 2.A write a short note about the following variables and support your answers by
giving examples for each variable:
[7.5 Marks]
•
TFC……………………………………………………….
•
TC………………………………………………………..
•
VC………………………………………………………..
•
MC……………………………………………………….
Question 2.B Choose the best answer and support your answer either by a graph or short
note
[7.5 Marks]
•
When the production volume (Q) is (100) units, the total costs (TC) is (15000) Omani
Riyals and the Fixed costs (9000) Riyals, so the Average Variable Costs AVC will be:
a. 60
b. 80
c. 90
d . There is no relationship
……………………………………………………………………………………………………
• The level change in Total Costs as a result of the change in production (Q) in one unit is:
a. Average costs. b. Marginal costs.
c. Total costs.
d. Nothing
………………………………………………………………………………………………….
• The variable which doesn’t change even there is increase in the production is :
a. Fixed cost
b.variable cost
c. marginal cost
d.nothing
…………………………………………………………………………………………………..
END OF ASSIGNMENT 3
4

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