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Thread: Eco401 Economics Assignment 2 Deadline 9 July 2010

  1. #1
    Senior Member viki's Avatar
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    Eco401 Economics Assignment 2 Deadline 9 July 2010

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    Question 01
    Draw the graph showing that a perfectly competitive firm is making zero profit or
    normal profit in the market. (Marks: 5)

    Question 02
    Draw the graph showing that a monopoly firm is making super normal profits in
    the market. (Marks: 5)

    (Note: In Q # 01 and 02, just draw graphs by yourself. Do NOT copy from any
    source. NO need to write any irrelevant material or interpretation.)


    Question 03
    Consider a hypothetical economy which produces oranges and chicken.
    Quantity and cost of both things are given in the table. Calculate the
    following from the given information: (Marks: 2+2+1)
    a) Nominal GDP in year 2009
    b) Nominal GDP in year 2010
    c) Growth rate of nominal GDP


    eco401 2.jpg


    (Note: Just calculate to the point in each part. NO need to write irrelevant
    material or extra interpretation.)


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  2. #2
    Senior Member viki's Avatar
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    99 Idea Solution for ECo401

    solution 1.jpg





    solution 2.jpg

    Solution 3

    Nominal GDP in 2009 = (200*10)+(150*110)=18500
    Nominal GDP in 2010 = (250*15)+(170*155)=30100
    Growth rate in nominal GDP=30100-18500/18500=62.70%
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