Economic profits in competitive and monopolistic markets

Economic profits in competitive and monopolistic markets

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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