Write an assignment about Microeconomics

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SKU: Repo1645453 Category:

What is the Economic Profit?

 

1. Assume that this housing construction company sells homes in perfect competition at a market price of $200,000 per home.

COS

 

Fill in the table. Ultimately how many units will be produced?_______________

What is the Economic Profit? _____________________________

 

2. Now assume that the market price falls to $160,000. Fill in the table.

COS1

 

How many units will be produced? _________________

The economic profits are now equal to $_________________.

Since there is an economic loss, should the company continue to produce in the short-run? Or should the company shut-down temporarily? ___________________________

Why? _________________________________________________________________

 

3. Now assume that the market price falls to $120,000. Fill in the table on the back side.

COS2

 

How many units will be produced? _________________

The economic profits are now equal to $_________________.

Since there is an economic loss, should the company continue to produce in the short-run? Or should

the company shut-down temporarily? ___________________________

Why? _________________________________________________________________
 
 

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