02 Jun Question Section II:Complete all the blank entries in the g
Question
Section II:Complete all the blank entries in the given table. Then use the data to graph (toscale) the Fixed, Variable, Average Fixed, and Average Variable cost curves on one graph and graph (to scale) the Marginal, Total and Average Total cost curves on another graph. Do the shapes of all the curves conform to conventional economic knowledge?(5 points)
(DifficultyÆ Easy)
Betty’s Bakery
Quantity
Fixed
Variable
Total
Average
Average
Average
Marginal
of
Cost
Cost
Cost
Fixed
Variable
Total
Cost
cakes
Cost
Cost
Cost
1
$13
$38
2
$28
3
$70
4
$64
5
$110
6
$108
7
$133
8
$185
Section III: Short and Long answers
Question A)Distinguish between Perfect Competition, Monopoly on the basis of thefollowing: Number of Sellers, Ease of entry and exit, Nature of the product, existence of deadweight loss, determination of Prices, Shape of the demand curve faced by the firm and the extent of Government intervention. In addition give an example for each of the following markets in the USA, also comment on which definition of markets seems the most realistic.(4 points) (DifficultyÆEasy)
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