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Microeconomics Assignment

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This was completed in the Summer Semester of 2014 and received a Distinction grade.

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Microeconomics Assignment
Topics this document covers:
Economy Business economics Costs Marketing Pricing Profit Market structure Competition Perfect competition Monopoly Marginal cost Average cost
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Topics this document covers:
Economy Business economics Costs Marketing Pricing Profit Market structure Competition Perfect competition Monopoly Marginal cost Average cost
Sample Text:
Figure 1 portrays a short run economic loss for a firm in perfect competition. A firm in a perfectly competitive market minimises its loss where the marginal revenue is equal to marginal cost (MR = MC). This point where the marginal cost of the firm equals its price (MC = P); the firm establishes its profit maximisation position. Consequently this demonstrates a short term economic loss because the price is less than the average total cost (P < ATC). However the firm continues its operation in the market as the price is more than the average variable cost (P > AVC). Moreover the per unit economic loss is the difference between the ATC and the MR = MC point. Thus the short run economic loss can be summarised in the shaded rectangle by (ATC – P) X Q. Contrastingly to Figure 1, Figure 2 reflects that in the long run economic prof...
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