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Examination of the company for which you are currently working (or a company with which you are familiar). Answer the following questions regarding this company.

1. Is this company operating in a perfectly competitive market?  Why or why not?

2. If the owner of the company asked you to assess whether or not they were using the optimal amount of an input (given a set price for that input), what economic criterion would you use in your analysis?

3. If you were asked to assess the economic profitability of this company, what economic tools would you use in your analysis?

4. What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?  Given this hypothesized elasticity of demand, how should the company price their product in this market if the goal is to increase total revenues?  Give justification for your answer.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9166494

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