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Question: A manufacturer of electronics roducts is considering entering the telephone equipment business. It estimates that if it were to begin making wireless telephones, its short-run cost functions would be as shown below:
(a) Plot the average cost, average variable cost and marginal cost on a graph.
(b) Suppose the average wholesale price of a wireless phone is currently $50. Should the company enter the market? What would be the company's profit or loss if it were to enter the market?
(c) Suppose the firm does enter the market and that, over time, increasing competition causes the price of telephones to fall to $35. Under these circumstances, what would be the firms optimal output, price and profit (or loss)?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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