Reference no: EM132253623
Foundations of Economics Assignment Project - Industry Structure
Q1. For a perfectly competitive firm, Draw D, MR, AVC, ATC and MC curves in the graph to show a situation where economic profits are being earned by the firm. Label as P1, Q1 where the firm will produce. How do we know this is the P, Q where the firm will produce?
How are P and MR related and how is this related to market vs. firm D curves?
Where does MC intersect AVC and ATC?
How do we know economic profits > zero?
What happens to # of firms if profits are earned?
What does this change in number of firms do to market supply curve and price? What happens to economic profits as a result of this change in price?
Show as P2, Q2 the point where economic profits would be zero. What two things are equal at this point to give zero profits?
Show as P3, Q3 the shut-down point for the firm. What two things are equal to make this the shut-down point?
Q2. For a monopoly firm, Draw D, MR, ATC and MC curves in the graph to show a situation where economic profits are being earned by the firm. Label as P1, Q1 where the firm will produce. How do we know this is the P, Q where the firm will produce?
How are P and MR related and how is this related to market and firm D curves?
What causes there to be just one firm in this industry?
How do we know economic profits are > zero?
Since profits > 0, could new firms successfully enter this industry and how is this related to Q the Q where ATC is at its minimum?
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