Homework #3 ; Total 10 point if you complete all three questions. Q1 ,2,3 and 4 have each 1 points, but Q5 has 6 points.
Q 1) explain the short-run break-even price as well as shut-down price for a competitive firm. (1 point)
Q 2) Why is the level of output where marginal revenue equals marginal cost called as the profit-maiximizing output? (1 point)
Q 3) Describe the shape of short run supply curve in perfect competition. (1 point)
Q 4) Do you agree that companies under perfect competition as well as monopoly are making profits in the long run? If yes, why? If not, why not? (1 point)
Q5) Treasure Hunt: a) Go to www.cengage.com/sso (Links to an external site.) web site. At Bookshelf of Arnold economics of 11th edition, click SSO Course Mate for Arnold economics menu under resources to lead to Course Mate of Economics(11th ed) by Roger A Arnold . Then, click Ch 23 to get access to “Video office hours” at left side menu bar. Summarize the contents of “Video office hours”.(3 point)
b) Summarize the contents of “Working with Diagrams” of Ch 23 , 24 and 26 at www.cengage.com/sso (Links to an external site.) .(3 points)
make sure all the questions are answers properly because last Homework I got 6 out 10.