Assignment:
1. Business Profit Maximization
• Research the term, Theory of the Firm, and post a scholarly definition.
Include a clear explanation of the following concepts as part of your discussion and provide an example of how each is calculated:
o marginal cost
o marginal revenue
o profit maximization goal
o marginal profit
Your main post must be two to three substantive paragraphs 150 to 200 total words and include at least two APA-formatted citations/references.
2. Supply, Demand and Market Equilibrium Analysis
• Watch the following video and respond to the following bullets:
https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial /v/market-equilibrium
2. Discuss the factors affecting the demand side of the market. Distinguish between change in demand and change in quantity demanded and explain what factors would cause each change.
3. Discuss the factors affecting the supply side of the market. Distinguish between change in supply and change in quantity supplied and explain what factors would cause each change. Explain how market equilibrium is achieved and how shortages and surpluses bring about changes in price and quantity.
Your main post must be two to three substantive paragraphs 150 to 200 total words and include at least two APA-formatted citations/references. Please follow up with two subsequent replies to colleagues.