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Economics for Business: Individual Portfolio - Research Paper Example

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Question 1 A) Calculate average and marginal cost, average and marginal revenue (Fundamentalfinance). Sales Volume Total Costs Total revenues Marginal Cost Avg. Cost Marginal Revenue Avg. Revenue 0 1 0 0 1 0 0 1 13 27 13 13 27 27 2 24 53 11 12 26 26.5 3 33 78 9 11 25 26 4 40 102 7 10 24 25.5 5 50 125 10 10 23 25 6 66 147 16 11 22 24.5 7 84 168 18 12 21 24 8 104 188 20 13 20 23.5 9 126 207 22 14 19 23 10 150 225 24 15 18 22.5 B) In the preceding graph which plots the average costs and revenue with the marginal cost and revenue for each successive unit of output, the point in which profit is maximized is at an output of eight units (Varian, 2003) C) How much profit is being made at this combina…
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Download file to see previous pages 2) The second method of determining at what unit output the company maximizes its profit by calculating the marginal costs and marginal revenue for each additional unit of output. The maximum profit level is achieved when marginal costs equal marginal revenue (Cliffnotes, 2011). As shown in the following example- Maximum profit output occurs at an output of eight units, which earns the maximum level of total profit of $84. $188 - $104 = $84 (Total revenues-Total costs = Total Profit) D) Giving your reasons what sort of market structure do you believe this firm is operating in? By examining their profit structure we have determined the maximum profit level for this firm occurs at the point where the marginal revenue equals marginal cost. There are two possible market structures that fit the characteristics of this company. The first option is that the company is part of a perfectly competitive market structure. This market structure is characterized by a homogeneous mix of market participants where no company is powerful enough to set or control the price of a specific homogeneous product or service. Since in the real world the first option is highly unlikely, the second market structure is called a monopoly (Sparknotes, 2011). A monopolistic market structure implies that only one company or firm can produce or provide a specific product or service and that no real competition for market share exists in its market of choice. Question 2 A) What economic factors appear to have contributed the most recent (2008/09) recession in the UK economy? The 2008-2009 UK recession often referred by many individuals as the ”Global Recession” was instrumental in destabilizing the world economy as well as in the United Kingdom. This recession was the direct cause for the failure of many large financial institutions, banks and investment firms in the UK as well as a major downfall in all the major stock markets around the world. Additionally caused the government to institute controversial financial easing measures such as the government bank and financial institution bailouts which have cost taxpayers in the UK about 850 billion pounds (Wordpress, 2011). There were a number of reasons or causes that caused the global recession of 2008.The main driving factors for the financial crisis were: The “Housing Bubble”- Credit standards for house mortgages plummeted to never before seen standards. By the mid 2000’s almost anybody could get a mortgage for no money down, without proof of income, assets or credit rating. In this sub-standard mortgages there was no way of ensuring the individuals taking out this huge mortgages could to really be able to pay their liability. Typically this type of mortgage came with an adjustable interest rate, where the customer would be offered an extremely low introductory rate and then after two years the interest would be adjusted to a much higher interest rate. Since the housing market was really strong at the time with ever increasing equity prices, many individuals that were ill equipped ...Download file to see next pagesRead More
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