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Microeconomics Course Assignment

In fulfillment of Course ePortfolio and CSIS requirement


This Assignment is required and totals 100 points
Part 1 Perfect Competition Analysis

Market
Price
Total Perfect
Output/h Competiti Total
r (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (MC) on Revenue
0 $12 $0 $12.00 - - - - 6.00 0.00
1 $12 6 $18.00 12.00 6.00 18.00 6 6.00
2 $12 9 $21.00 6.00 4.00 10.00 3 12.00
3 $12 11 $23.00 4.00 3.00 7.00 2 18.00
4 $12 12 $24.00 3.00 3.00 6.00 1 24.00
5 $12 14 $26.00 2.00 2.00 5.00 2 30.00
6 $12 17 $29.00 2.00 2.00 4.00 3 36.00
7 $12 21 $33.00 1.00 3.00 4.00 4 42.00
8 $12 26 $38.00 1.00 3.00 4.00 5 48.00
9 $12 32 $44.00 1.00 3.00 4.00 6 54.00
10 $12 39 $51.00 1.00 3.00 5.00 7 60.00
11 $12 47 $59.00 1.00 4.00 5.00 8 66.00
5 Characteristics of the Perfect
Competition:

1. There needs to be more than one buyer


or supplier to influence the price.
2. There should be a low degree of market
concentration.
3. There must be free, easy accept in and
out of the market.
4. Products must be identical.
Total 5. Buyers and sellers need to be 100%
Profit (MR) informed.
-12.00
-12.00 6
-9.00 6
-5.00 6
0.00 6
4.00 6
7.00 6
9.00 6
10.00 6 (MC)=(MR)

10.00 6 Highest Level When (MC)=(MR)


9.00 6 of Profitability there are
maximum profits.
7.00 6
e buyer

market

in and

00%

(ATC)

(MR
)
(MC)

MC)=(MR)
re are
um profits.