Explain why each firm belongs in market structure identified

Assignment Help Microeconomics
Reference no: EM131145770

Characteristics of the Various Market Structures

The market structures influence how price and output decisions are made by the firms in their respective structure. In all market structures, one of the primary goals is to maximize profits or minimize losses.

One of the major differences between these market structures is how price and output decisions are made, which in turn depends on the characteristics of each market structure. There are four market structures:

1. Perfect competition

2. Monopolistic competition

3. Oligopoly

4. Monopoly

Tasks:

Using Template A, construct a table that describes the various characteristics of each market structure.

2. Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified.

3. Using Microsoft Excel, construct a graph for each of the market structures and explain how price and output decisions are made in each structure and how they differ.

4. How is marginal analysis used in the price and output decisions of firms in the various market structures?

Template A:

Perfect

Competition

Monopolistic

Competition

Oligopoly

Monopoly

Number of Firms

Pricing Decisions

Output Decisions

Profit

Demand Curve

Ease of Entry

Product Differentiation

Deliverables:

• Prepare a 5-10 page Microsoft Word document that includes the tasks noted above and meets APA standards.

• Include a summary section in your report that contains 5-7 bullet points identifying your major findings or conclusions of your paper.

Reference no: EM131145770

Questions Cloud

What is the probability of completing the exam in one hour : a) What is the probability of completing the exam in one hour or less? b) What is the probability that a student will complete the exam in more than 60 minutes but less than 105 minutes? c) Assume that the class has 60 students and that the examinati..
Prepare an income statement and a retained earnings : Prepare an income statement and a retained earnings statement for the month ofMay and a classified balance sheet at May 31.
Create a multi-level work breakdown structure : Create a multi-level work breakdown structure (WBS) and detailed project schedule, using the information from the "Greendale Stadium Case" (The Case Study is below) incorporating the following constraints
What is the estimated regression equation : What is the correlation coefficient of the model? What is the correlation of determination? What is the estimated regression equation?
Explain why each firm belongs in market structure identified : Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified. How is marginal analysis used in the price and output decisions of firms in the various market structures?
What are the trade-offs associated with this policy : Does your answer to part (a) depend on whether the monopoly is granted as a political favor or auctioned to the highest bidder?
What is the demand of this target market : What is the competitive advantage that this innovation will create? Major characteristics of the target market (what do the customers look like?) What is the demand of this target market
What skills you may need to acquire to reach your goal : Do you think that your results are an accurate reflection of your career goals? Explain your response. Identify what skills you may need to acquire to reach your goal.
Prepare an adjusted trial balance at june : Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Production possibilities curve among health and other goods

Draw a production possibilities curve among health and all other goods. Insert a point in the drawing that illustrates an economy with an inefficient health system. Insert two additional points that illustrate two efficient economies, but two that co..

  In a perfectly competitive industry entry of firms will

In a perfectly competitive industry, entry of firms will occur until

  Explain consultation with the managers of the two lines

Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks form the same sort of wood. Although hardwoods were readily available in the past, recently they have become harder to obtain. Consultation with the man..

  Calculate the consumer and producer surplus

Calculate equilibrium price, quantity, consumer surplus and domestic producer surplus. Now imagine this country opens to free trade and the world price of steel is $500 per ton. Under free trade, calculate the consumer and (domestic) producer surp..

  What is the opportunity cost of producing one more fish

What is the opportunity cost of producing one more fish for Judy? What is the opportunity cost of producing one more fish for Mike? In a single day of 24 hours, who has the absolute advantage in producing fish

  Dscribe are monopolies always bad

Write your individual answers to the questions listed above together using a minimum of 300 words in essay format in APA style. use APA template in Doc Sharing, using correct economic terms covered in the discussions.

  Were goldsmiths engaging in fractional reserve banking

In the Middle Ages, goldsmiths took in customers' deposits (gold coins) and issued receipts that functioned much like checks do today. People used the receipts as a medium of exchange. Goldsmiths also issued loans by writing additional receipts ag..

  How to raise or lower the money supply

List and briefly describe the three primary tools the Fed has to control the money supply and how all three can specifically be used to either increase or decrease the money supply

  Trade sanctions - suitable foreign policy weapon

When international hostilities increase, the United States government will sometime use trade sanctions instead of military action.

  Explain how role of the government affects each market

you have been hired as a consultant by your local mayor to look at the various market structures. your role is to

  Consider a demand curve of the form graph both curves using

Consider a demand curve of the form qd=20-2p where qd is the quantity demanded of goods and p is the price o the good. also consider a supply curve of form

  Discuss the main characteristics of arthur lewiss model

Discuss the main characteristics of Arthur Lewis's model of economic development with unlimited supplies of labour. What are the most important criticisms levelled against the Lewis model?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd