ECO402 Assignment 2 Fall 2020 – Assignments – Solution VU
ASSIGNMENT # 02
DUE DATE: 18TH FEBRUARY, 2021 MARKS: 15
Pakistan Water and Power Development Authority (WAPDA) was established in 1958. It is an autonomous and statutory body under the administrative control of the Federal Government. WAPDA has a monopoly on producing electricity. The generation, transmission, and distribution of power is the responsibility of the WAPDA. In 2019-20, the total installed capacity of electricity was 36200 MW. Suppose that the amount of electricity for a household and its price are given below:
Keeping in mind the above scenario, solve the following questions.
- Calculate total revenue (TR), average revenue (AR), and marginal revenue (MR) for each Marks: 12 (4+4+4) Note: Calculate TR, AR, and MR in table form.
- Why marginal revenue is less than price (MR<P) in the case of monopoly. Marks: 3
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