13 Jun EXPLAIN THE PROCESS OF HOW THAT MOVEMENT OCCURRED USING BEHAVIORS OF CONSUMERS AND SUPPLIERS.
Implicit and Explicit costs
What do you think is the difference between explicit and implicit costs? How does your answer relate to your project (ask only if required)?
Give an example of an explicit cost in your project? How does this explicit cost relate to your project (ask only if required)
Give an example of an explicit cost in your project? How does this explicit cost relate to your project (ask only if required)?
Costs of Production
Can you tell me about one of your three costs of production from your project in detail?
Which of your costs of production are fixed and which are variable? Why?
Choose one cost of production from your project. Explain why you think this cost is important to your company/industry?
What did you find out from your business contact when you compared “typical” cost curves to those of your chosen company? Did they match the theoretical ones from the book? Justify your answer and explain.
Choose two of the curves you compared with your business contact in part 2.1 of your project. Explain in detail the differences and similarities between the theoretical curve and those of your contact in each case.
Choose one of your drawings of an average cost curve for your chosen product. Explain why you think it looks the way it does. Support your answer with evidence from your research.
Is the firm trying to lower its costs? Why? Why not? Explain with examples from the project research how the company is/is not doing this.
Market structure: industry and competitor status
Consider the industry your project is discussing. Describe the industry and where your company fits in terms of its competitors
Market structure
(9) Consider the number of sellers in your industry. In relation to this, which market structure does your industry fit-please give a detailed explanation for your answer?
(10) Consider the number of products in your industry. In relation to this, which market structure does your industry fit-please give a detailed explanation for your answer?
Price taker or maker
Please explain with supporting evidence why you think your industry is a price taker or something in between.
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