Describe the demand curve for a perfectly competitive firm and explain why the demand curve looks the way it does. 2. (a) What are the two critical questions a firm must answer? (b) What is the main economic objective of every firm? 3. a) F

1200 words total between the 6 questions….3 References in APA format…..

  1. Describe the demand curve for a perfectly competitive firm and explain why the demand curve looks the way it does.

2. (a) What are the two critical questions a firm must answer?

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(b) What is the main economic objective of every firm?

3. a) Fill in the table below and answer the following questions. Show your step-by-step calculations either by typing them in the text box below or by submitting a photo of your handwritten calculations to the Drop Box.

(b) How much output will the firm choose to produce? Explain why the firm chooses this level of output.

Quantity

Price

Total Revenue

Total Cost

Profit

Marginal Revenue

Marginal Cost

0

$45

$50

1

$45

$90

2

$45

$120

3

$45

$140

4

$45

$170

5

$45

$210

6

$45

$260

7

$45

$330

4. Choose a firm that has monopoly power. Explain how each of the three barriers to entry would apply to that firm. Do not choose a firm that is covered in the text or course materials.

5. Describe the demand curve for a monopolist. Why does the monopolist’s demand curve look different than the demand curve of a perfectly competitive firm?

6. What is meant by Average Cost Pricing in terms of monopoly regulation? Discuss the difficulties in Average Cost Pricing.

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