Describe the four types of market (perfect competition, monopoly, monopolistic competition, oligopoly)

Describe the four types of market (perfect competition, monopoly, monopolistic competition, oligopoly)

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Upload Assignment: Assignment before workshop three:
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  1. Assignment Information
    Points Possible 5
  2. Read/research on the topics related to specific objectives in preparation for class discussion.
  3. Answer the following questions (see Appendix A). Follow APA style. Document will be turned in at the beginning of the workshop.

Describe the four types of market (perfect competition, monopoly, monopolistic competition, oligopoly) and provide at least one example for each type
Explain the difference between variable and fixed costs and its relationship to the short and long run.
Using the data provided (see table below), expand the table by calculating the following cost, revenue, and profit/loss elements: (a) total fixed cost, (b) total variable cost, (c) total cost, (d) marginal cost, (e) average fixed cost, (f) average variable cost, (g) average total cost, total revenue, (h) marginal revenue, (i) profit or loss. Unit price is $7.50. Assume all units produced are sold.
For the cost table obtained in question 3, build the following graphs and answer the corresponding question:
a. Graph: total fixed cost, total variable cost and total cost. Why is there a straight line?

               b. Graph: average fixed cost, average variable cost, average total cost. Why does the average variable cost curve show an increasing trend while the other two curves show a decreasing trend?

              c. Graph: total variable cost, total fixed cost, total cost, revenue, profit or loss. How many units would you produce and why?

               d. Graph: average total cost, marginal cost, marginal income. What is the optimum production level? Why? Is your answer the same as in previous question/graph?

Cost Table – questions #3 and #4

Units produced

Rent

Salaries

Other Exp.

fixed

fixed

variable

variable

0

1,275

150

0

0

100

1,275

150

329

125

200

1,275

150

636

150

300

1,275

150

1,016

175

400

1,275

150

1,497

200

500

1,275

150

2,093

225

600

1,275

150

2,815

250

700

1,275

150

3,670

275

800

1,275

150

4,662

300

900

1,275

150

5,796

325

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