ECON600 Managerial Economics- Elasticity Of Demand

ECON600 Managerial Economics- Elasticity Of Demand

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ECON600 Managerial Economics

Task

1. Respond to these questions please!

a. Explain how price is determined in a perfectly competitive industry.

b. Now explain the demand curve for a firm that operates in the competitive industry you have described in part a.

c. Now explain how the firm can determine its profit-maximizing level of output.

d. Will the firm that follows your answer to part c always make a profit at its profit-maximizing level of output?  Explain your answer.

e. Should a competitive firm shut-down if it is unable to earn a profit? Explain why or why not. 

2. Explain your logic in no more than three sentences for each answer.  You may include a diagram in your answer.  

a. Consumer incomes rise.  What is the effect on equilibrium price and quantity of an inferior good.

b. The price of competing products falls.  What is the effect on price and quantity for the original firm?

c. What happens to sales revenue if the demand curve is inelastic and prices rise.

d. If price is initially $5 and output is 1000 units, but price rises to $6 and output falls to 800 units. Calculate elasticity of demand in this range.

e. One firm in the United States in a perfectly competitive industry in which price is $10 per unit.  Another firm in Asia is a monopoly, but charges the same price as the U.S. firm does. Explain which firm has the higher marginal revenue.

ECON600 Managerial Economics

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