ECN 601 Fundamentals Of Economics

ECN 601 Fundamentals Of Economics

ECN 601 Fundamentals Of Economics

Task: ECN 601 Fundamentals Of Economics

In a perfectly competitive market where there is virtually no product differentiation, what do you think are the priorities or focus of a firm? How could a firm increase profits?

Part A

Explain why the consideration of opportunity costs may be very relevant to a firm. How can opportunity costs affect a business decision? Use an example to support your answer.

Part B

Respond to the following post, by explaining if you agree, based on the information given, that the equilibrium price will shift downward meaning supply has increase thus prices will fall since there is no corresponding increase in demand. May also include solutions that could help quicken the equilibrium and discuss any other benefits or problems that could occur for companies or the  community if electricity prices continue downward or once the economy is up and running again.

Part C

Because of the pandemic, many meat processing plants have been closed. Which of the curves would be affected? Supply or demand/ Which direction would it shift? right or left and why? Please provide reference links


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