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Essay Available:
Pages:
2 pages/≈550 words
Sources:
3 Sources
Level:
APA
Subject:
Mathematics & Economics
Type:
Essay
Language:
English (U.S.)
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MS Word
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Topic:

MicroEconomic Graph (Essay Sample)

Instructions:
-Create graphs and tables to illustrate costs and revenues for firms in different market 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 businesses in these different market structures. Think of four businesses, each operating in one of these market structures. Then, do the following: -Create the revenue data for each business. Be sure to include all the data that could have an impact on the business' operations and profits. -Determine the cost data for each business, both in the short and long run. Again, be sure to include all types of costs that can influence the operating and profit maximization decisions of the business. -Create any supporting data that you require, and list the assumptions that you make for each business in the short and long run. -Analyze the costs of each business for the short run and the long run. What conclusions can you draw about the business' operations and profits in the short and long run? -Plot the revenue and cost data for each business on a graph. You need to do this for the short and long run, thus creating eight graphs in all. -Determine the price, output, and profit/loss for each business in the short and long run. -Analyze the graphs and briefly describe the similarities and differences between the short and long run operations of each business.-Create graphs and tables to illustrate costs and revenues for firms in different market 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 businesses in these different market structures. Think of four businesses, each operating in one of these market structures. Then, do the following: -Create the revenue data for each business. Be sure to include all the data that could have an impact on the business' operations and profits. -Determine the cost data for each business, both in the short and long run. Again, be sure to include all types of costs that can influence the operating and profit maximization decisions of the business. -Create any supporting data that you require, and list the assumptions that you make for each business in the short and long run. -Analyze the costs of each business for the short run and the long run. What conclusions can you draw about the business' operations and profits in the short and long run? -Plot the revenue and cost data for each business on a graph. You need to do this for the short and long run, thus creating eight graphs in all. -Determine the price, output, and profit/loss for each business in the short and long run. -Analyze the graphs and briefly describe the similarities and differences between the short and long run operations of each business. source..
Content:
Cost and revenue structures Name: Institution: Date: Pure/perfect competition Based on the assumption that the price of a handset is $ 200, the marginal revenue is equivalent to the price. The total revenue is the product of the price and quantity, while the marginal cost is the additional cost incurred in producing the item. Profit maximization is at the seventh unit where the marginal cost is also equal to the marginal revenue, fulfilling the rule that MC=MR for profit maximization (Tucker, 2011). QuantityMarginal TotalTotalMarginalAverageProfitsRevenue(P)RevenueCostCostT. CostTR-TC0$0 $180 -1801$200 $200 340$160 340($140)2200400480140240-803200600600120200042008007401401856052001000900160180100620012001080180180120720014001280200182.8571120820016001500220187.5100920018001740240193.33336010200200020002602000 short run long run equilbrium  EMBED Excel.Chart.8 \s  INCLUDEPICTURE "http://worldacademyonline.com/bookimages/14/pict9_4.jpg" \* MERGEFORMATINET  Monopoly market Like other market structures, a monopolist maximizes their profit when the marginal cost is greter than the marginal revenue, but the price is always higher than the marginal cost. A monopoly is the sole and dominant player in a market and...
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