Profits and Your Franchise Firm
In this module, we have explored the costs of production which have a direct impact on the profit of your firm. Write a 2- to 3-page essay that addresses the following questions.
1. Give an example of indivisible inputs for your firm.
2. Discuss the characteristics of a perfectly competitive firm. Does your franchise firm share any of these same traits? Explain.
3. In the long run, what happens to economic profits (assuming your firm is competitive)? Explain.
SLP Assignment Expectations
Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.
Length: 2-3 pages double-spaced and typed.
The following items will be assessed in particular:
• Your ability to examine inputs of a particular firm.
• Your ability to understand a perfectly competitive firm.
• Some in-text references to the modular background readings (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references.