| February 4, 2016

The final coursework consists of 3 questions. Please answer all 3 questions. This is an individual coursework.
Word limit: 2000-3000 words.
Question 1 (25 marks)
Consider the following data on a firm’s output, total cost of production and total revenue from sales.
Output/Sales Total Total
Volume Costs Revenue
0 1 0
1 13 27
2 24 53
3 33 78
4 40 102
5 50 125
6 66 147
7 84 168
8 104 188
9 126 207
10 150 225
a) Calculate average and marginal cost, average and marginal revenue.
b) Plot accurately the average and marginal cost together with the average and marginal revenue schedules on one graph. Clearly identify the profit maximising level of output and price on your graph.
c) How much profit is being made at this combination of price and output?
d) Giving your reasons, what sort of market structure do you believe this firm is operating in?
Question 2 (25 marks)
In the UK, it is often argued that the retail grocery sector lacks competition. Why is that the case? Describe the market structure that UK supermarkets operate under by discussing its main characteristics.
Question 3 (50 marks)
In the second quarter of 2015, the Eurozone economy grew by 0.3% compared to 0.4% in the previous 2 quarters while inflation rose from 0% to 0.3% in May 2015.
a) Discuss the main economic concerns facing the Eurozone.
b) What monetary policies has the European Central Bank adopted in response to the economic situation in the Eurozone?
c) Comment on the growth predictions for the Eurozone.
d) Select one particular Eurozone country and discuss the prospects of a sustained recovery for this country.
Some sources of information
UK Supermarkets
Eurostat data:
IMF World Economic Outlook 2015
A. Content and analysis
Your answers ought to be clear, address the questions and show evidence of an understanding of the topic. Relevant economic arguments as well as research, need to be demonstrated. Provide data/illustrations in support of your answers.
B. Written expression
Due consideration must be given to writing style and the use of academic English. You should ensure that your answers are written in a style which has flow and sequence.
C. Referencing (acknowledgments of sources in text) and bibliography
It is very important to refer in the main text to material written or produced by others. The full reference should then be provided in the bibliography. Remember to use quotation marks when providing quotes otherwise you are plagiarising the work of others.

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