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Economics

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Nov 24, 2024

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Step 1: Select a product. It can be real or made up. Give your good or service a name and a price in U.S. dollars. Identify the market type for your product (pure/perfect competition, monopolistic competition, oligopoly, monopoly). Product Name: Grapes Price: $5.00 Market Type: Perfect competitive market
Step 2: Draw a marginal analysis graph. Title it the market for the product you chose. Label the axes, the marginal cost curve (MC), the marginal revenue curve (MR), and the profit-maximizing quantity (Qpm). You do not need to use real numbers. Reflection Portion: Answer the reflection questions in complete sentences: 1. What is your product and its price? What type of market does your product exist in? My product is grapes and the price is $5 dollars. The type of market it exists in is a perfect market price. 2. Why is the marginal cost curve the same basic shape, no matter the product? Hint: You will need to watch the presentation under the "Maximizing Profit" heading on page 2 of the lesson.
The marginal cost curve the same no matter what because, the producing cost each unit decreases as more units are being produced 3. At the profit-maximizing quantity, is the price of your product equal to, higher than, or lower than marginal cost? Explain. Hint: Check out page 2 under the interactive graph titled “Slope of the Marginal Cost Curve”. The profit-maximizing quantity is equal to the marginal cost. 4. Assume Qpm is 100 units. What is your total revenue? Hint: Remember, price x units = revenue (See page 1 of the lesson for more information on "revenue") The total revenue at 100 units is $500 since its $5 dollars per unit. 5. Why would an already-successful business owner conduct a marginal cost analysis for their product? An already-successful business owner would conduct a marginal cost analysis for their product because, it can effectively manage the cost and plan of the product.
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