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Economics 3 Assignments | Online Homework Help

Describe the four types of market (perfect competition, monopoly, monopolistic competition, oligopoly) and provide at least one example for each type

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Explain the difference between variable and fixed costs and its relationship to the short and long run.

Using the data provided (see table below), expand the table by calculating the following cost, revenue, and profit/loss elements: (a) total fixed cost, (b) total variable cost, (c) total cost, (d) marginal cost, (e) average fixed cost, (f) average variable cost, (g) average total cost, total revenue, (h) marginal revenue, (i) profit or loss.  Unit price is $7.50. Assume all units produced are sold.

For the cost table obtained in question 3, build the following graphs and answer the corresponding question:

  1. Graph: total fixed cost, the total variable cost, and total cost. Why is there a straight line?
  2. Graph: average fixed cost, the average variable cost, average total cost. Why does the average variable cost curve show an increasing trend while the other two curves show a decreasing trend?
  3. Graph: total variable cost, total fixed cost, total cost, revenue, profit or loss. How many units would you produce and why?
  4. Graph: average total cost, marginal cost, marginal income. What is the optimum production level? Why? Is your answer the same as in the previous question/graph?

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Please use APA style and references.

Cost Table – questions #3 and #4
Units produced Rent Salaries Other Exp.
fixed fixed variable variable
0 1,275 150 0 0
100 1,275 150 329 125
200 1,275 150 636 150
300 1,275 150 1,016 175
400 1,275 150 1,497 200
500 1,275 150 2,093 225
600 1,275 150 2,815 250
700 1,275 150 3,670 275
800 1,275 150 4,662 300
900 1,275 150 5,796 325

 

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