Economics unit 4

can access the textbook online

This assignment covers chapters 21 & 22 of the online textbook.

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1.

For the Unit 4 Complete assignment, write a narrative essay which addresses the questions and statements below. When finished, the essay should demonstrate a thorough understanding of the READ and ATTEND sections. A minimum of five scholarly sources are required, and all sources should be cited and referenced in APA 7th edition format.

For each lettered space in the following table, determine the appropriate dollar amount

Assume that the above cost data is for a perfectly competitive firm. Using this data answer the following:

(a) If the market equilibrium price that this firm charges is $50, what level of output must this firm produce to maximize its profit?

(b) What would be the amount of profit that this firm would earn if it produced at the profit-maximizing level of output?

 

 

3. Explain why a perfectly competitive firm will shut down in the short run if price is lower than average variable cost but will continue to produce if price is below average total cost but above average variable cost.

 

You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following?

a. The prices of agricultural products

b. The profits of farmers

c. The equilibrium output in agricultural markets

d. The number of farms

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