Determine profit maximizing level of production

Reference no: EM13189132

Consider the market structure of the firm that employs you or a firm in your state.

a. Why is it important for a profit maximizing firm to consider market structure in determining the price and output of its product or service?

b. How do you determine the profit maximizing level of production in terms of price, marginal revenue and marginal cost for the firm you are considering?

c. Has the industry your workplace ever shifted market structures? Discuss. If you do not work at a private-sector firm, then you could discuss a workplace you are familiar with.

Reference no: EM13189132

Questions Cloud

Which indicate an oligopolistic market structure : Name the circumstances which indicate an oligopolistic market structure and discuss a real life example of such a market structure. What are the most significant differences between oligopolistic and perfect competition from the consumer's point o..

What is the least squares estimate of ß1 : Consider the simple linear regression model without an intercept, y = ß1x + u, with the assumption E(u|x)=0. Also assume that E(x)=0 Show that E(y)=0 and using this as well as E(x)=0 show that the covariance between x and y is given by E(xy) and that..

Explain how you would go about using a viral campaign : Explain how you would go about using a viral campaign for your business and write a few sentencescomparing the results of the two search engines and explain the two results - why do you think they were similar/different?

Determine profit maximizing level of production : Why is it important for a profit maximizing firm to consider market structure in determining the price and output of its product or service b. How do you determine the profit maximizing level of production in terms of price, marginal revenue and m..

Inability to recognize familiar faces result of brain damage : The inability to recognize familiar faces as a result of brain damage is called

Identify the fixed cost and variable cost components : Draw two figures, one above the other. In the top figure, plot the total, variable, and fixed cost curves. In the bottom figure, show the average and marginal cost curves. Use Excel and plot for enough values of q between 0 and 20 such that the va..

Calculate personal income : Consider the following preliminary data from 2008: ($ in billions) GDP $14264.60 Factor Payments from Abroad $798.30 Factor Payments to Abroad $665.10 Consumption of Fixed Capital $1832.30 Indirest Business Taxes $1118.90 Corporate Profits and Relat..

Show the risk mitigation strategy : Each member selects one of the highest risks. Explain why these are considered high risk, and explain their potential effect on the project and outline a risk mitigation strategy for the each of the selected high risks.

User Account

All Pages