Economic profits in competitive and monopolistic markets
Read chapters
Answer questions 9-5 on page 123. Your answer should be in the form of a business analysis paper of about 500 words.
Be sure to study the rubric in the Assignments section. It will give you a checklist for completeness and an indication of the importance of each aspect of the assignment.
|
Rubric |
||||||
|
Backruptcy Rubric 100 possible points |
Expert 5 points |
4 points |
Adequate 3 points |
2 points |
Insufficient 1 point |
|
|
Perfect competition –/20 points Demonstrate an understanding of how a firm in a perfectly competitive market sets quantity and price. |
All the appropriate factors are identified and applied correctly. (20 points) |
All the appropriate factors are identified, but the application is erroneous or incomplete. (16 points) |
Most of the factors are identified. (12 points) |
A reasonable attempt has been made to address the problem, but without all the factors and the impacts are erroneous or missing. (8 points) |
(4 points) |
|
|
grammatically correct –/15 points |
(15 points) |
(12 points) |
(9 points) |
(6 points) |
(3 points) |
|
|
concise and clear –/25 points |
(25 points) |
(20 points) |
(15 points) |
(10 points) |
(5 points) |
|
|
Monopoly –/20 points Demonstrate an understanding of how a monopoly sets quantity and price. |
(20 points) |
(16 points) |
(12 points) |
(8 points) |
(4 points) |
|
|
economic profits –/10 points Describe economic profit and how it is different from accounting profit. |
(10 points) |
(8 points) |
(6 points) |
(4 points) |
(2 points) |
|
|
convergence –/10 points describe the forces driving each type of market towards equilibrium and indicate which one converges more quickly. |
(10 points) |
(8 points) |
(6 points) |
(4 points) |
(2 points) |
|
Grading Rubri