Economics Assignment - 6708 Words

Chapter: 5 Question: Categorize each seller below on the basis of the type of market it operates in. Explain each of your answers: a. A Cattle farmer b. A Computer market c. A picture framing shop is a large metropolitan area. d. A seller of Canadian dollars in a foreign currency markets. e. A life insurance company f. A liquor store in a remote village g. A visual Artist h. A Country that produces a valuable radioactive mineral found in no other part of the world. Answer to the question no. 1 a. A Cattle farmer This is a Perfect Competition Market. There are many sellers and buyers, product is standardized and there are almost no entry or exit barriers. b. A Computer market Monopolistic Competition Market: Computer†¦show more content†¦We can find this point at the graph, the highest point in the graph. And the corresponding output is the vertically downward on the horizontal axis. Answer to the question no. 4.a 1 2 3 4 5 6 7 8 9 10 Price, $/kg Quantity, kg/Day Total Revenue $ Fixed Costs $ Variable Costs $ Total Costs $ Average Fixed Cost, $/kg Average Variable Cost, $/kg Average Cost, $/kg Marginal Cost, $/kg 0.80 90 72.00 400 55 455 4.44 0.61 5.05 0.61 0.80 220 176.00 400 110 510 1.82 0.50 2.31 0.42 0.80 307 245.60 400 165 565 1.30 0.52 1.83 0.63 0.80 360 288.00 400 220 620 1.11 0.61 1.72 1.03 0.80 385 308.00 400 275 675 1.04 0.71 1.74 2.20 0.80 400 320.00 400 330 730 1.00 0.82 1.82 3.60 Answer to the question no. 4.b Fisherman’s Marginal Cost, Average Fixed Cost, Average Variable Cost and Average Cost Curve. Answer to the question no. 4.c In the following table Marginal Revenue and Marginal Cost is at the closest relation at the output quantity of 307kg. And at this point Average cost is higher than Price. So the fisherman’s loss minimization quantity of output is 307. At this output quantity fisherman’s total loss is $319 ($246-$565). Price, $/kg Quantity, kg/Day Total Revenue $ Fixed Costs $ Variable Costs $ Total Costs $ Average Fixed Cost, $/kg Average Variable Cost, $/kg Average Cost, $/kg Marginal Cost, $/kg Marginal Revenue 0.00 0 400 0 400 0.80 90 72 400 55 455 4.44 0.61 5.05 0.61 0.80 0.80 220 176Show MoreRelatedEconomics For Business Assignment : Economics1362 Words   |  6 PagesEconomics for business assignment This is a two sided argument which needs complex and in-depth analysis to make a final judgement. The degree of government intervention may depend on many factors affecting the economy as a whole, a specific market and the businesses operating within it. The nature of different government regulations may have a restrictive nature, however some government action may have a beneficial effect on business activity and positively impact their objectives. 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