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KAPLAN MT445 UNIT 5 DISCUSSION LATEST 2016 FEBRUARY

Question # 00234643
Subject: Economics
Due on: 05/02/2016
Posted On: 04/02/2016 12:52 AM

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Topic 1

Describe an industry that would meet the conditions of a perfectly competitive industry:

  1. There are many buyers and sellers so neither side of the market has market power.
  2. The product provided to the market is identical across suppliers.
  3. There are no barriers to entry.

How do individual firms in a perfectly competitive industry respond to an increase in the market demand for the product? Would advertising by individual firms in this type of market provide any benefits?




Topic 2

In order to maximize profits, monopolies produce where: MARGINAL REVENUE = MARGINAL COST < MARKET PRICE. How does this compare to the profit maximization condition for perfectly competitive markets, and how do these differences contribute to deadweight loss in a monopoly market? Can you think of reasons why a monopoly might decide on their own to increase production and lower prices to earn an acceptable profit rather than maximize profits?


Tags 0 february latest discuion mt445 unit kaplan market competitive industry perfectly product topic monopoly profit marginal maximize firms individual profits increase maximization condition does cost price compare contribute lower production prices earn acceptable decide reasons differences revenue

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KAPLAN MT445 UNIT 5 DISCUSSION LATEST 2016 FEBRUARY

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Tutorial Preview …each xxxx looks xxxxxxxxx regardless of xxxxx farm it xxxx from xxx xxxxxxx can xxxxx this industry xx any time xxxxx are xx xxxxxxxx In x perfectly competitive xxxxxxxxx an individual xxxx may xxxxxxx xx an xxxxxxxx in the xxxxxx demand by xxxxxxx their xxxxxx xxxxxxxx this xxxx just cause xxxxxxxxx to chose xxx of xxx xxxxx firms xxxx sell an xxxxxxxxx product because xxxxx do xxx xxxxxxx the xxxxxx price (Hubbard xxx O'Brien, 2012) xxxx will xxxx xx this xxxxxxxxxx firm losing xxx on profit xxxxx is xxxxxxxxxx xx demand xxx supply, only xx the short-run, xxxx an xxxxxxxx…
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KAPLAN-MT445-UNIT-5-DISCUSSION-LATEST-2016-FEBRUARY.docx (65.4 KB)
Preview: your xxxx I xxxx that the xxxxxxx can have xx affect xx xxx price xx crops If xxx farms in x particular xxxx xxx bad xxxxxxx that destroys xxx crops, then xxx price xxxx xx for xxx other farmers xx the areas xxxx were xxx xxxxxxxx I xxxxxxxx my dad xxxxxxx about this xxxx I xxx xxxxxxx up xxxxxx ReplyShow LessDaniele xxxxxxxxxxxxx to Ephraim xxxxx 2/9/2016 xxxxxxx xxxxx Main xxxxxxxxxxxx Great example xx is true xxxx it xx xxxxxxxxx to xxxx another industry xxxx would be xxxxxxxxxx a xxxxxxx xxxxxxxxxxx market xxxxxxx perfect competitive xxxxxx would be xxxxxxx at x xxxxxx fair xx craft show xxxxx their food xxx crafts xxx xxxx similar xxx they must xxxx within reason xx one xxxxxxx xx everyone xxxx go to xxx next booth xxxxxx that x xx having x hard time xxxxxx up with xxxxxxx example xxxxxxx xxxxxxxxx LessRyan xxxxxxx 2/9/2016 1:34:31 xxxxxx 5: Topic xxxxxx are xxxx xxx bean xxxxxx all over xxxxxxx Both of xxxxx items xxx xxxxxx standard, xxxxxxx in taste, xxx alike in xxxxxx much xxxxxxxxxx xxxx how xxxx look to xxx they are xxxxx All xx xxxxx fields xxx owned by xxxxxxxxx people who xxxx the xxxx xxxx This xxxxxxxxx is the xxxxxxxxx premise of x perfectly xxxxxxxxxxx xxxxxxxx Lots xx different farmers xxxx corn, lots xx different xxxxxx xxx corn, xxxx is uniform, xxx the assumption xx that xxx xxxxxx who xxxx a field xxxx he uses xx grow xxxx xxx the xxxxxxx to enter xxx market as x firm xx x perfectly xxxxxxxxxxx market, no xxx firm has xx advantage xx xxxxxxxx in xxxxxx demand does xxx really change xxx the xxxxxx xxxxxxxx Increase xx market demand xxxxxxxxxx leads to xxxxx prices xxx xxx individual xxxx has to xxxxxx whatever that xxxxx lands xx xxxxxxxx more xxxxx just drive xxxxxxxxx to the xxxxxxx corn, xxxxxxx xxxx is xxxx corn so xxx would they xxx more xxx xxx Advertising xxxxxxxxx has an xxxxxx on people, xxx I xxxxx xxxx is xxxxxxxxxx more of x short term xxxx People xxxxx xxx more xx the advertised xxxx for awhile, xxx eventually xxx xxxxxxxxxxxxx evens xxx as firms xxxxx and exit xxx market xxxxxxxxx xxxxxxxx McEwenreply xx Ryan Sawyers xxxxxxxx 3:21:56 PMRE: xxxx 5: xxxxx xxxxxxx was xxxxxxxxx to read xxxx street vendors xxxxx with xxxxxxxxxxxx xxxxxxx were xxxx considered part xx a perfectly xxxxxxxxxxx market xx xxxxxx that xxxxx they allow xx space for xxxxxxxxxx or xxxxxxxxxxxx xxxxx are xxxxxxxxxx to be xxx pillars of xxx profit-making xxxxxxxxxx xxxxx products xxx homogeneous in xxxxxxx and they xxx priced xxxxxxxxxxx xxxxxxxxx from: xxxxxxxxxx buzzle com/articles/perfect-competition-examples xxxx ReplyShow LessAbigail xxxxxxxxxxxx to xxxx xxxxxxx 2/9/2016 xxxxxxx PMRE: Unit xx Topic 1Hi xxxxxxx the xxxx xx corn xxxxxxxx I'm not xxxx that advertising xxxxx help xxxx xxxx at xxxx even in xxx short term xxxxxx they xxxx xxxxxxxxxxx their xxxxxxxx that people xxxx not already xxxxx of, x xxxxxx how xxxx would set xxxxxxxxxx apart and xxxxxx people xx xxx their xxxx over the xxxx farmers corn xxxxxxxx.....
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