ECO 201 Week 5 Discussion | Southern new hampshire university
- southern-new-hampshire-university / ECO 201
- 06 Jun 2022
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- Accounting & Economics Assignment Help / Microeconomics
ECO 201 Week 5 Discussion | Southern new hampshire university
5-2
Simulation Discussion: Production, Entry, and Exit
NOTE
THAT A CUSTOM RUBRIC IS USED FOR THIS DISCUSSION.
In a competitive market, there are many
buyers and sellers. The goods offered are largely the same, and firms can
freely enter or exit the market. Buyers and sellers are both price takers. The
amount of output produced determines the revenue of a firm.
First, play the simulation game Production,
Entry, and Exit in the MindTap environment. In this discussion, you will share
your experiences playing that game. Your work in this discussion will directly
support your success on the course project.
In your initial post, include the image of
your simulation report in your response. See the How
to Submit a Simulation Report Image PDF document for more information. Then,
address the following questions:
·
Imagine
you own your own business. Based on what you learned from the simulation,
what factors would determine
your entry and exit into
a market?
·
Applying
the concept of marginal costs,
how would you, as a business owner, decide how much to produce?
·
How
does the impact of fixed costs change
production decisions in the short run and in the long run? Refer to the average
total-cost (ATC) model included in the textbook to demonstrate.
In your responses,
comment on at least two posts from your peers. Research and provide examples
from the news of firms in perfectly competitive markets. Discuss with your
peers how costs impact these firms' profitability.
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