ECO601 Assignment No 1 Solution Autumn 2021-Business Econometrics
ECO601 Assignment No 1 Solution Autumn 2021-Business Econometrics
Transcript
00:00In the name of Allah, the most Gracious, the most Merciful.
00:02Peace be upon you, dear students and viewers.
00:04Welcome to my YouTube channel, DJLearnerPoint.
00:07In today's video tutorial, we will solve the assignment of business econometrics subject code ECO601.
00:15Its due date is 23rd December 2021.
00:18Its total marks is 10.
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00:26Also, if you have any issue other than the assignment or JTB, do share it with me so that we can find a solution for it.
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00:39Thanks for your support.
00:41Now, let's study our case.
00:45Guys, the case between economics and profit function is a mathematical relationship between the terms profit and output.
00:53Guys, the case between economics and profit function is a mathematical relationship between the terms profit and output.
01:02Initially, a firm's profit increases with increase in output.
01:12This increase is occurred because of firm's average cost falls initially due to economics of scale.
01:20Initially, a firm's profit increases with increase in output.
01:25This increase is occurred because of firm's average cost falls initially due to economics of scale.
01:35At the beginning, at the higher output level, the firm is able to take benefits from bulk discounts, specialized labors are engaged in different tasks, etc.
01:49At the beginning, at the higher output level, the firm is able to take benefits from bulk discounts, specialized labors are engaged in different tasks, etc.
02:15Further, with an increase in output, the firm's fixed costs are separated out of more units, causing the average fixed cost to fall.
02:23Further, with an increase in output, the firm's fixed costs are separated out of more units, causing the average fixed cost to fall.
02:40On the other hand, the firm's profit eventually starts to fall when the law of diminishing returns kicks in.
02:47On the other hand, the firm's profit eventually starts to fall when the law of diminishing returns kicks in.
02:58Now, consider a firm whose total revenue and total cost functions are given below.
03:04Now, consider a firm whose total revenue and total cost functions are given below.
03:24Now, consider a firm whose total revenue and total cost functions are given below.
03:49Now, consider a firm whose total revenue and total cost functions are given below.
04:14Now, consider a firm whose total revenue and total cost functions are given below.
04:39Now, consider a firm whose total revenue and total cost functions are given below.
05:07Now, consider a firm whose total revenue and total cost functions are given below.
05:17Now, consider a firm whose total revenue and total cost functions are given below.
05:27Now, consider a firm whose total revenue and total cost functions are given below.
05:50Now, consider a firm whose total revenue and total cost functions are given below.
06:18Now, consider a firm whose total revenue and total cost functions are given below.
06:46Now, consider a firm whose total revenue and total cost functions are given below.
07:09Now, consider a firm whose total revenue and total cost functions are given below.