Please answer the following combined question attached 1 Under conditions of perfect competition, Price = AR = MR.Explain why these values are equal.2 To maximise profits under any market structure, firms must apply two rules: the shut-down rule and the profit-maximising rule.Explain each of these rules using the marginal revenue/marginal cost approach.3 Under conditions of monopolistic competition, firms may pursue a strategy of productdifferentiation.Explain what this strategy entails.

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-1 Under conditions of perfect competition, Price = AR = MR. Explain why these values are equal.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Please answer the following combined question attached

1 Under conditions of perfect competition, Price = AR = MR.
Explain why these values are equal.
2 To maximise profits under any market structure, firms must apply two rules: the shut-
down rule and the profit-maximising rule.
Explain each of these rules using the marginal revenue/marginal cost approach.
3 Under conditions of monopolistic competition, firms may pursue a strategy of product
differentiation.
Explain what this strategy entails.

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