Adequate market structure and explain your classification

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Reference no: EM132891785

BUS 201 Microeconomics - Emirates College of Technology

LO1: Describe the production possibilities frontier and relate its importance to utilizing firms' economic resources efficiently.

LO2: Construct the supply and demand curves and interpret them to understand market forces.

LO3: Employ the costs, output concepts and revenue curves and their relationships in order to maximize the economic profits of firms.

LO4: Use the characteristics of market structures to formulate market economic activities of the firm.

Question 1:

Classify these firms into an adequate market structure and explain your classification.
• Sporting and athletic goods
• Fresh flower retailing
• Petrol service station in Abu Dhabi.
• Telecom operator in UAE

Question 2:

Suppose that ABC firm has 100 hours of labor a day used to produce snacks and swimming classes.

Labor (hours)	Swimming classes (classes per week)		snacks
0	0	or	0
20	4	or	10
40	8	or	18
60	12	or	24
80	16	or	28
100	20	or	30

The data below presents the maximum quantity of each good produced.

1. Explain if ABC firm can produce 8 classes and 28 snacks per week?

2. Suppose that ABC firm produces 8 swimming classes and 18 snacks per week, explain if this production is efficient.

3. Suppose ABC produces 16 classes and 10 snacks a week. Does it face a tradeoff? Explain

Question 3:

Labor (workers)	Total product (output)
0	0Tot
1	12
2	25
3	30
4	44
5	50

a. Calculate the average total cost of producing 25 units.
b. Calculate the total cost of producing 47 units.
c. Calculate average variable cost if 30 units are produced.
d. Calculate the marginal product of producing 44 units.
e. Calculate the average product of the 4thworker

Question 4: Fill in the below table, the wage equals AED 300 for each worker. In addition, each unit of output is sold for AED 10.

Question 5: Explain the impact of the COVID19 Pandemic on Household demand and firm's supply. Defend your analysis with real-life examples.

Reference no: EM132891785

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