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Please answer the following problems.

problem 1: Given a price of $40, at what level of production will this company maximize profits? Why?

2004_level of production.jpg

problem 2:

A) In a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production?  Why or why not?

B) Why do marginal and average cost curves take a “U” shape?

problem 3: Define “Monopoly”. Is it true that a monopolist will maximize profit where Marginal Revenue equals the Average Cost of Production? Why or why not?

problem 4: Define Elasticity. If you have a product where elasticity is less than one, what does that mean? Is it good, bad for the firm?

problem 5: Why will firms not shut down as soon as the price of their product drops below the Marginal cost? At what point will most firms go out of business (shut-down) and why?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9858

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