The following course outcomes are covered in this assignment:
Describe and analyze the principles of economics that apply to the functions of individual decision makers, both consumers and producers within the larger economic system (CO1)
Identify the nature and functions of product markets (CO2)
Describe the nature and functions of factor markets (CO3)
Apply graphs and tables to illustrate cost and revenue of firms in different market structures (CO4)
Describe the importance of economic analysis in real world situations. (CO6)
You have learned about the market structures of pure competition, monopoly, monopolistic competition, and oligopoly. In this assignment, you will apply this learning to create cost and revenue graphs for a business operating in one of these market structures. Hypothetical information should reflect characteristics of the market structure selected.
You are the manager of a firm producing a product in a specific market structure. Provide the following information: