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KAPLAN MT445 UNIT 5 ASSIGNMENT LATEST 2016 FEBRUARY

Question # 00234571
Subject: Economics
Due on: 05/02/2016
Posted On: 04/02/2016 12:34 AM

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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

Tags 0 february latest aignment mt445 unit kaplan firm market competitive perfectly does following output aignment unit table problem differ curve demand profits aume making maximize impact provides points produces difference softdrink industry complete maximization monopoly

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Tutorial Preview …sloping xxxxxx however x perfectly competitive xxxxxxxx demand curve xx a xxxxxxxxxx xxxxx A xxxxxxxxx competitive market xxxxxx have a xxx of xxxxxx xxx sellers, xxxxx must be xxxxxxxxx matching products, xxx there xxxx xx no xxxxxxxx to entry xx new firms xxx demand xxxxx xxx a xxxx or service…
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KAPLAN-MT445-UNIT-5-ASSIGNMENT-LATEST-2016-FEBRUARY.doc (82.5 KB)
Preview: 4140560 xxxxxxx 1140840 x Complete the xxxxx b What xxxxx of xxxxxx xxxxxx the xxxx produce to xxxxxxxx profits At xxxxxx level xx xxxxxxx the xxxx amount of xxxxxxxx and resources xxx used xx x and xxxx giving the xxxx profit, but x uses xxxx xxxxx to xx so So xxx best answer xx 3 x xxxxxx this xxxx is making x loss when xx produces xxx xxx unit xx output What xxxxxx the firm xx in xxx xxxxxxxxx The xxxx will produce xx the level xx output xxxxx xx MC xxxxx price equals xxxxxxxx revenue for x firm xx x perfectly xxxxxxxxxxx market, the xxxx will produce xxxxx P xx xxx any xxxxx price, the xxxx will determine xxxx the xxxxxxxx xxxx curve xxx quantity of xxxxxx they will xxxxxx Therefore, x xxxxxxxxx competitive xxxxx marginal cost xxxxx also is xxx supply xxxxx xx assuming xxxx they are xxxxxx a loss xxxx they xxx xxxxxxxxx their xxx unit of xxxxxxx this means xxxx the xxxx xxx or xxxx shut down xx the price xxxxx below xxxxxxx xxxxxxxx cost xxx marginal cost xxxxx crosses the xxxxxxx variable xxxx xx the xxxxx shutdown point xxxx point occurs xx output xxxxx xxx For xxxxxx below PMIN, xxx supply curve xx a xxxxxxxx xxxx along xxx price axis, xxxxx shows that xxx firm xxxx xxxxxx zero xxxxxx at those xxxxxx The red.....
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