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  1. Identify the 4 criteria for the existence of perfect competition.
  2. Explain the meaning behind the economic term 'price taker'.
  3. Explain why in perfect competition marginal revenue must equal price.
  4. If fixed costs are $100 and variable costs are $200 at an output level of 30 units, what are the average fixed costs, average variable costs, and average total costs? AFC?
    Quantity Fixed Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost
    10 5,000 5,500        
    20 5,000 5,800        
    30 5,000 6,000        
    40 5,000 6,100        
    50 5,000 6,150        
    60 5,000 6,175        
  5. In the table above, fill in the empty cells with the correct answers. You may just copy this table into a 'Word' document and fill in the cells there and attach the document to your completed homework assignment.
  6. Explain why to maximize profits a firm needs to produce an output at a level where marginal revenue = marginal costs. Why not produce a lesser quantity
  7. Explain why a firm should not produce an output at a level where marginal cost is greater than marginal revenue.
  8. How does competition among online music retailers influence economic profit?
  9. Suppose that the restaurant industry is perfectly competitive. Joe's Diner is always packed in the evening but has less than half of the number of those customer at lunchtime. What reason would Joe have for staying open for lunch?
  10. Assume that there is a huge increase in demand for your product. In a perfectly competitive market, explain why the price you get for your product will rise at first and then begin to gradually fall until it is once again at equilibrium.

Microeconomics, Economics

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