Category: Economics : Economics

A firm operating in perfect competition has no influence over market price. It c

A firm operating in perfect competition has no influence over market price. It can sell any amount at the market-clearing price. The only one major decision to make is about what quantity should be produced. When it decides the quantity to produce, then this quantity—along with the prices prevailing in the market for output and inputs—will determine the firm’s total revenue, total costs, and ultimately, level of profits.
For the Costs and Revenue in Perfect Competition Assignment, you will submit an MS Excel spreadsheet and a paper (word document)
Make sure to use the “formula” feature.
Calculate marginal cost (MC), marginal revenue (MR), average fixed cost (AFC), average variable cost (AVC), and average total cost (ATC).
Graph all the cost curves and the MR curve.
Find the profit-maximizing price and output.
Calculate the profit (or loss).
In your paper, based on the readings for the week and your calculations in the worksheet, answer the following question:
Explain if the firm should remain open or temporarily shut down when the price drops to $10.
Discuss why firms in perfectly and monopolistically competitive markets stay in business despite having zero economic profit in the long run.
The Costs and Revenue in Perfect Competition paper
must be two to three double-spaced pages in length (not including title and references pages and formatted according to APA Style
must include a separate title page with the following in title case:
title of paper in bold font
Space should appear between the title and the rest of the information on the title page.
student’s name
name of institution
course name and number
instructor’s name
due date
must include an introduction and conclusion paragraph.
Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.
must use at least two credible sources in addition to the course text.

A firm operating in perfect competition has no influence over market price. It c

A firm operating in perfect competition has no influence over market price. It can sell any amount at the market-clearing price. The only one major decision to make is about what quantity should be produced. When it decides the quantity to produce, then this quantity—along with the prices prevailing in the market for output and inputs—will determine the firm’s total revenue, total costs, and ultimately, level of profits.
For the Costs and Revenue in Perfect Competition Assignment, you will submit an MS Excel spreadsheet and a paper (word document)
Make sure to use the “formula” feature.
Calculate marginal cost (MC), marginal revenue (MR), average fixed cost (AFC), average variable cost (AVC), and average total cost (ATC).
Graph all the cost curves and the MR curve.
Find the profit-maximizing price and output.
Calculate the profit (or loss).
In your paper, based on the readings for the week and your calculations in the worksheet, answer the following question:
Explain if the firm should remain open or temporarily shut down when the price drops to $10.
Discuss why firms in perfectly and monopolistically competitive markets stay in business despite having zero economic profit in the long run.
The Costs and Revenue in Perfect Competition paper
must be two to three double-spaced pages in length (not including title and references pages and formatted according to APA Style
must include a separate title page with the following in title case:
title of paper in bold font
Space should appear between the title and the rest of the information on the title page.
student’s name
name of institution
course name and number
instructor’s name
due date
must include an introduction and conclusion paragraph.
Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.
must use at least two credible sources in addition to the course text.

A firm operating in perfect competition has no influence over market price. It c

A firm operating in perfect competition has no influence over market price. It can sell any amount at the market-clearing price. The only one major decision to make is about what quantity should be produced. When it decides the quantity to produce, then this quantity—along with the prices prevailing in the market for output and inputs—will determine the firm’s total revenue, total costs, and ultimately, level of profits.
For the Costs and Revenue in Perfect Competition Assignment, you will submit an MS Excel spreadsheet and a paper (word document)
Make sure to use the “formula” feature.
Calculate marginal cost (MC), marginal revenue (MR), average fixed cost (AFC), average variable cost (AVC), and average total cost (ATC).
Graph all the cost curves and the MR curve.
Find the profit-maximizing price and output.
Calculate the profit (or loss).
In your paper, based on the readings for the week and your calculations in the worksheet, answer the following question:
Explain if the firm should remain open or temporarily shut down when the price drops to $10.
Discuss why firms in perfectly and monopolistically competitive markets stay in business despite having zero economic profit in the long run.
The Costs and Revenue in Perfect Competition paper
must be two to three double-spaced pages in length (not including title and references pages and formatted according to APA Style
must include a separate title page with the following in title case:
title of paper in bold font
Space should appear between the title and the rest of the information on the title page.
student’s name
name of institution
course name and number
instructor’s name
due date
must include an introduction and conclusion paragraph.
Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.
must use at least two credible sources in addition to the course text.

Watch the video clip from Forrest Gump. 
https://youtu.be/pHmf6eJQVuw?si=J8vxyz

Watch the video clip from Forrest Gump. 

Consider that Forrest’s good luck of “being in the right place at the right time” allowed him to operate as a monopoly. Typically, the fishing industry is a highly competitive industry where economic profits are rarely made in the long run. However, in a twist of fate, Forrest’s boat is the lone survivor after a hurricane washes ashore and destroys all the other shrimp boats.
Consider the barriers to entry facing potential competitors in Forrest’s monopoly market. The more contestable a market, the closer it will be to a perfectly competitive market, whereas the less contestable a market, the closer it will be to a monopoly.
Describe a firm that you believe is a monopolist. Describe the barriers to entry that exist and discuss if they are contestable or not.
Be sure to review the Discussion Guidelines in the Start Here menu before posting.
Finerman, W., Starkey, S., Tisch, S. (Producers), & Zemeckis, R. (Director). Forrest Gump [Motion picture]. United States: Paramount Pictures.

Discuss the concept of market equilibrium and its significance in microeconomics

Discuss the concept of market equilibrium and its significance in microeconomics. Define equilibrium price and quantity, and explain how they are determined by the interaction of supply and demand in a competitive market. Additionally, analyze the effects of shifts in supply and demand on market equilibrium, illustrating your answer with relevant diagrams and examples from real-world markets.

In the context of modern economic theory, discuss the implications of the Lucas

In the context of modern economic theory, discuss the implications of the Lucas critique for the conduct of economic policy. Provide a comprehensive analysis of how this critique challenges traditional Keynesian economic models and the implications it holds for policymakers in designing effective macroeconomic policies. Additionally, elucidate how policymakers can adapt their approaches to mitigate the limitations posed by the Lucas critique while maintaining stability and growth in the economy.

For this assignment, you will be creating cost curves for ABC furniture. Use the

For this assignment, you will be creating cost curves for ABC furniture. Use the attached excel spreadsheet to complete the assignment. Use formulas to fill in each column.
Econ 101 Asst. 3 – ABC Furniture.xlsxDownload Econ 101 Asst. 3 – ABC Furniture.xlsx
ABC Furniture is trying to figure out how to minimize its cost when producing couches each month. To figure out where their unit costs are the lowest, they give you the following information:
Each couch takes $200-worth of wages for workers to produce. The factory owner knows that during regular hours they can produce 20 couches each month. After 20 couches, they need to keep the laborers into overtime. In overtime, they must pay the workers time and a half (1.5x their regular wage). The owner also knows that after 25 couches, the workers need to stay into double overtime (2x regular wage). The factory’s rent is $4,000 a month. Assume there are no other costs.
1.) Fill in all missing columns of data.
2.) Once you have done this, create a graph on your spreadsheet which shows the factory’s marginal cost curve and its average total cost curve.
3.) If the firm wants to minimize its average total cost per couch, how many couches should they produce? You can highlight the row or write in in a cell next to the answer.
(Hint, skip the first box for MC)
(Hint 2 – the marginal cost curve will look a little different than it does in the lecture)
 
Grading Rubric:
60 pts – Filled in sheet 1 columns with correct data
10 pts – Created accurate graph
10 pts – Correctly identified the quantity with the lowest ATC

A research paper written on the effects of taxation and the tax and transfer sys

A research paper written on the effects of taxation and the tax and transfer system on inequality. I want to specifically look at negative income tax, corporate tax rate, and the earned income tax credit. How would changing to either of these help shift inequality and the income distribution to be more equal? Specifically, if we expand the earned income tax credit to help those in poverty.