microeconomics:essay
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Individual Assignment:
Essay
Subject Title: Microeconomics
Subject Tutor: Zheng, Wang
Date of issue: January 9, 2014
Date of submission:
Learning Outcomes and Assessment Criteria:
Instructions:
You have been presented with some topic about microeconomics below, these will allow you to complete an assignment “Discussions on Microeconomics Issues of Product Markets”. Please answer each of the questions and submit them in an Essay..
1. What is the difference between a firm and an industry?
2. After working as a head chef for years, Jared gave up his $60,000 salary to open his own restaurant last year. He withdrew $50,000 of his own savings that had been earning 4% interest and borrowed another $100,000 from the bank at a rate of 5%. As the restaurant space he was leasing had no separate office, Jared converted his basement apartment into office space. He had previously rented the apartment to a student for $300/month. The following table summarizes his operations for the past year. Suppose Jared could have used his talents to run a similar kind of business instead, and he values his
(1)What last year?
(2)How do you define accounting profit? What is the difference between accounting profit and economic profit?
3. What is the difference between the short run and the long run?
4.What is the difference between a fixed cost and a variable cost?
5. What are the four market models that economists employ? Briefly state the basic characteristics of each type of market.
6. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case, justify your classification.
7. Please evaluate pure competition /pure monopoly /oligopoly /monopolistic competition.
METHOD OF ASSESSMENT
This is an individual assignment. Each student’s own effort to explore the tasks is expected. At the time required, students should hand in a typed essay of approximate 1,500 words.
ADDITIONAL NOTES
∙12 or Times New Roman script
∙ 1.5 spacing
∙Cover page
∙Head and Foot
∙Use Harvard referencing system
∙INDIVIDUAL ASSINGMENT LENGTH: 1500 WORDS +-5%。