# [Recommended]Describe the four types of market (perfect competition, monopoly, monopolistic competition, oligopoly)

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Describe the four types of market (perfect competition, monopoly, monopolistic competition, oligopoly)
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Upload Assignment: Assignment before workshop three:
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1. Assignment Information
Points Possible 5
1. Read/research on the topics related to specific objectives in preparation for class discussion.
2. Answer the following questions (see Appendix A). Follow APA style. Document will be turned in at the beginning of the workshop.
Describe the four types of market (perfect competition, monopoly, monopolistic competition, oligopoly) and provide at least one example for each type
Explain the difference between variable and fixed costs and its relationship to the short and long run.
Using the data provided (see table below), expand the table by calculating the following cost, revenue, and profit/loss elements: (a) total fixed cost, (b) total variable cost, (c) total cost, (d) marginal cost, (e) average fixed cost, (f) average variable cost, (g) average total cost, total revenue, (h) marginal revenue, (i) profit or loss. Unit price is \$7.50. Assume all units produced are sold.
For the cost table obtained in question 3, build the following graphs and answer the corresponding question:
a. Graph: total fixed cost, total variable cost and total cost. Why is there a straight line?
b. Graph: average fixed cost, average variable cost, average total cost. Why does the average variable cost curve show an increasing trend while the other two curves show a decreasing trend?
c. Graph: total variable cost, total fixed cost, total cost, revenue, profit or loss. How many units would you produce and why?
d. Graph: average total cost, marginal cost, marginal income. What is the optimum production level? Why? Is your answer the same as in previous question/graph?
Cost Table – questions #3 and #4
Units produced
Rent
Salaries
Other Exp.
fixed
fixed
variable
variable
0
1,275
150
0
0
100
1,275
150
329
125
200
1,275
150
636
150
300
1,275
150
1,016
175
400
1,275
150
1,497
200
500
1,275
150
2,093
225
600
1,275
150
2,815
250
700
1,275
150
3,670
275
800
1,275
150
4,662
300
900
1,275
150
5,796
325
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