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What is the main economic objective of every firm

Assignment Help Microeconomics
Reference no: EM132153309

Question: Fully answer the assigned questions in narrative, third person format. The paper consist of 1200 WORDS. Also, include at least three (3) scholarly sources in your responses. Paper must be completed in APA format. NO PLAGIARISM! The assignment must be completed by Saturday October 27, 2018 at 11:30PM central time. MUST BE SUBMITTED ON TIME MEETING ALL EXPECTATIONS!

1. Describe the demand curve for a perfectly competitive firm and explain why the demand curve looks the way it does.

2. (a) What are the two critical questions a firm must answer?

(b) What is the main economic objective of every firm?

3. (SEE ATTACHMENT TO ANSWER 3A and 3B)

(a) Fill in the table and answer the following questions. Show your step-by-step calculations either by typing them in the text box (See Attachment) or by submitting a photo of your handwritten calculations.

(b) How much output will the firm choose to produce? Explain why the firm chooses this level of output.

4. Choose a firm that has monopoly power. Explain how each of the three barriers to entry would apply to that firm.

5. Describe the demand curve for a monopolist. Why does the monopolist's demand curve look different than the demand curve of a perfectly competitive firm?

6. What is meant by Average Cost Pricing in terms of monopoly regulation? Discuss the difficulties in Average Cost Pricing.

Information related to above question is enclosed below:

Attachment:- understanding4.rar

Reference no: EM132153309

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