Fall 2017 Assignment1 - Economics 3S03 Winter 2017...

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1 Economics 3S03 Winter 2017 Instructor: Laura Grigolon Assignment 1 – Firms and Costs; Competition Name: ID #: INSTRUCTIONS The assignment must be returned at the beginning of the class of February, 2 nd 2017. Do not send attachments with e-mail messages. The solutions to the assignment will be discussed soon after the due date, so late homework will NOT be accepted under any circumstances. Assignments turned in under my door or in my mailbox or the teaching assistant's door or mailbox will NOT be considered timely and will receive grade zero . Explain ALL your answers when requested and show ALL your calculations or the answers will not be considered correct!
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1. A firm with a U-shaped average cost curve finds that its revenues exceed its costs when it sets price equal to marginal cost. On which part of its average cost curve is the firm operating? Explain your answer. 2.
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2. A firm has the total production cost function C ( q ) = 20 + 90 q 16 q 2 + q 3 .
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