The assignment consists of five parts, each requiring students to apply economic theories and concepts to real-world problems. Part 1 involves estimating demand functions and determining the goodness-of-fit. Part 2 deals with non-linear relationships and comparing linear and logarithmic forms of demand functions. Part 3 examines the relationship between crew size and fish caught per week on a trawler, including maximizing total amount of fish caught and average amount of fish caught per worker. Part 4 concerns the Lumins Lamp Company's profit maximization problem, involving total revenue, marginal revenue, total cost, marginal cost, and total profits. Part 5 requires students to apply economic theories to current events by analyzing the decline of Motorola's mobile phone business due to competition from web-based satellite phones.
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