Assignment: Understanding
Fully answer the assigned questions in narrative, third person format. The paper consist of 1200 WORDS. Also, include at least three scholarly sources in your responses.
1. Describe the demand curve for a perfectly competitive firm and explain why the demand curve looks the way it does.
2.
(a) What are the two critical questions a firm must answer?
(b) What is the main economic objective of every firm?
3. (SEE ATTACHMENT TO ANSWER 3A and 3B)
(a) Fill in the table and answer the following questions. Show your step-by-step calculations either by typing them in the text box (See Attachment) or by submitting a photo of your handwritten calculations.
(b) How much output will the firm choose to produce? Explain why the firm chooses this level of output.
4. Choose a firm that has monopoly power. Explain how each of the three barriers to entry would apply to that firm.
5. Describe the demand curve for a monopolist. Why does the monopolist's demand curve look different than the demand curve of a perfectly competitive firm?
6. What is meant by Average Cost Pricing in terms of monopoly regulation? Discuss the difficulties in Average Cost Pricing.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Understanding.rar