What price do you charge for your product

Assignment Help Microeconomics

Reference no: EM132126033

Assignment 2: Writing Assignment: Costs and Revenues Structures

If viewing this through the Assignment tool, click the title above to go to the Submissions area.

This assignment will enable you to:

Create tables to illustrate costs and revenues for firm operating in a specific market structure

The following course outcomes are covered in this assignment:

Describe and analyze the principles of economics that apply to the functions of individual decision makers, both consumers and producers within the larger economic system (CO1)

Identify the nature and functions of product markets (CO2)

Describe the nature and functions of factor markets (CO3)

Apply graphs and tables to illustrate cost and revenue of firms in different market structures (CO4)

Describe the importance of economic analysis in real world situations. (CO6)

Writing Assignment: Costs and Revenues Structures. You have learned about the market structures of pure competition, monopoly, monopolistic competition, and oligopoly. In this assignment, you will apply this learning to create cost and revenue graphs for a business operating in one of these market structures. Hypothetical information should reflect characteristics of the market structure selected.

You are the manager of a firm producing a product in a specific market structure. Provide the following information:

Describe your product and the specific cost components of your product. Make the distinction between the fixed and variable costs associated in the production of your product.

Provide reasons why your firm meets the characteristics of a particular market structure. Explain how this impacts your ability to set price. Does your firm face a downward sloping demand curve? What price do you charge for your product and why?

In a table using hypothetical data, please provide total fixed cost, average fixed cost, total variable cost, average variable cost, total cost, average total cost, and marginal cost schedules.

In a second table, indicate your profit maximizing output using price, marginal revenue, and marginal cost schedules. What profit/loss does your firm earn/incur?

Reference no: EM132126033

Questions Cloud

Determine what would happen to total revenue : For each of the following absolute values of price elasticity of demand, indicate whether demand is elastic, inelastic, perfectly elastic, perfectly inelastic.

Broad category of electronic and human activities : Explain that this threat represents a well-known and broad category of electronic and human activities that breach the confidentiality of information.

List the common development failures and errors : List the common development failures and errors that results from poor software security efforts

Security grew from physical security to include : Discuss how the scope of computer security grew from physical security to include :

What price do you charge for your product : Provide reasons why your firm meets the characteristics of a particular market structure. Explain how this impacts your ability to set price.

Explain the differences between working in the web : Explain the differences between working in the web based version of Outlook in Office 365 to the desktop application version of Outlook.

Compare remote authentication dial-in user service : Compare Remote Authentication Dial-In User Service (RADIUS) and Terminal Access Controller Access-Control System Plus (TACACS+).

Determinants of price elasticity of demand : Determinants of price elasticity of demand were correctly applied. An accurate assessment of government's role within a capitalist system was provided.

What is 4g and its benefits : What is 4G and its benefits. How fast is your Internet service supposed to be for stationary users?

User Account

All Pages