ECO401 Assignment 1 Solution and Discussion

[zareen]

SEMESTER FALL 2019
ECONOMICS (ECO401)
ASSIGNMENT
DUE DATE: JANUARY 21, 2020 MARKS: 15
ASSIGNMENT:
Apple is an American international Tech brand that designs, manufactures, and deals in hardware devices and software. It includes number of hardware products like iPad tablet computer, smart speaker, the Apple Watch but iPhone smartphone is highly demanded product around the globe. Apple has autonomy in production and price setting of its products. Apple is famous for its scope of variety in quality products and earning high revenues. Suppose total revenue (TR) and total cost (TC) functions of Apple are following.
TR = 100Q – 1.5Q2 TC = 30 + 15Q Requirements:
a. CalculateprofitmaximizingoutputlevelofAppleusingmarginalrevenue(MR) and marginal cost (MC) approach.
b. Find out the amount of profit earned by Apple at profit maximizing level of output calculated in part a.
c. Find out average revenue (AR) function and slope of average revenue (AR) function.
(Marks: Part a:5, Part b: 5, Part c: 2.5+2.5)

 IMPORTANT:

24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
OTHER IMPORTANT INSTRUCTIONS: DEADLINE:
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.
• Use black and blue font colors only.
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
• It is cheated or copied from other students, internet, books, journals etc. Note related to load shedding: Please be proactive

 Dear students!

As you know that Post 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.

[zareen]

[zareen]

[zareen]