This chapter discusses the characteristics of perfect competition. A perfectly competitive market is defined as having many small firms, identical products, and free entry and exit. The document outlines the key features of perfect competition and how firms operate in this market structure. It explains that in perfect competition, each firm is a price taker and faces a horizontal demand curve. This means the firm can sell all it wants at the going market price but cannot affect the price. The chapter also discusses how a perfectly competitive firm determines its profit-maximizing level of output by producing where marginal revenue equals marginal cost.
[MT445 | Managerial Economics]
Unit 5 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1. How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
2. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $140.
Output
FC
VC
TC
TR
Profit/Loss
0
$90
$ 0
___
___
___
1
90
90
___
___
___
2
90
170
___
___
___
3
90
290
___
___
___
4
90
430
___
___
___
5
90
590
___
___
___
6
90
770
___
___
___
a.
Complete the table.
b.
What level of output should the firm produce to maximize profits?
c.
Assume this firm is making a loss when it produces its 7th unit of output. What should the firm do in the short-run?
3. How does the profit maximization condition for a monopoly differ from that for a perfectly competitive firm? How does this difference impact efficiency under each market structure?
4. The following table provides market share information about the soft-drink industry.
Company
Market Share
Coca-Cola
37%
Pepsi-Co
35
Cadbury Schweppers
17
Other
11
a. Do you think the Department of Justice and the Federal Trade Commission would approve a merger between any two of the first three companies listed? Explain.
b. Do you think this market has barriers to entry? If so, what might they be?
Directions for Submitting your Assignment
Complete your Assignment in this Microsoft Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit5.doc). Submit your file by selecting the Unit 5: Assignment Dropbox by the end of Unit 5.
Unit 5 Assignment
Content and Analysis
Points Possible
Points Earned
Problem #1
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
8
Problem #2
A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $140. Complete the table (a)
7
What level of output should the firm produce to maximize profits? (b)
4
Assume this firm is making a loss when it produces its 7th unit of output. What should the firm do in the short-run? (c)
4
Problem #3
How does the profit maximization condition for a monopoly differ from that for a perfectly competitive firm? How does this difference impact efficiency under each market structure?
8
Problem #4
The following table provides market share information about the soft-drink industry. (a-b)
8
Writing Style, Grammar, and APA Format.
6
Total
45
WELCOME TO
SEMINAR 5
February 4, Wed. 10-11 pm ET
MT445-02
MANAGERIAL ECONOMICS
INSTRU.
[MT445 | Managerial Economics]
Unit 5 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1. How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
2. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $140.
Output
FC
VC
TC
TR
Profit/Loss
0
$90
$ 0
___
___
___
1
90
90
___
___
___
2
90
170
___
___
___
3
90
290
___
___
___
4
90
430
___
___
___
5
90
590
___
___
___
6
90
770
___
___
___
a.
Complete the table.
b.
What level of output should the firm produce to maximize profits?
c.
Assume this firm is making a loss when it produces its 7th unit of output. What should the firm do in the short-run?
3. How does the profit maximization condition for a monopoly differ from that for a perfectly competitive firm? How does this difference impact efficiency under each market structure?
4. The following table provides market share information about the soft-drink industry.
Company
Market Share
Coca-Cola
37%
Pepsi-Co
35
Cadbury Schweppers
17
Other
11
a. Do you think the Department of Justice and the Federal Trade Commission would approve a merger between any two of the first three companies listed? Explain.
b. Do you think this market has barriers to entry? If so, what might they be?
Directions for Submitting your Assignment
Complete your Assignment in this Microsoft Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit5.doc). Submit your file by selecting the Unit 5: Assignment Dropbox by the end of Unit 5.
Unit 5 Assignment
Content and Analysis
Points Possible
Points Earned
Problem #1
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
8
Problem #2
A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $140. Complete the table (a)
7
What level of output should the firm produce to maximize profits? (b)
4
Assume this firm is making a loss when it produces its 7th unit of output. What should the firm do in the short-run? (c)
4
Problem #3
How does the profit maximization condition for a monopoly differ from that for a perfectly competitive firm? How does this difference impact efficiency under each market structure?
8
Problem #4
The following table provides market share information about the soft-drink industry. (a-b)
8
Writing Style, Grammar, and APA Format.
6
Total
45
WELCOME TO
SEMINAR 5
February 4, Wed. 10-11 pm ET
MT445-02
MANAGERIAL ECONOMICS
INSTRU.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
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This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.