Economics Assignment: Market Structures, Pricing, and Profit

This economics assignment delves into various market structures, primarily focusing on perfect competition and monopoly. The assignment begins by examining the characteristics of a perfectly competitive market, using the stock market as an example. It then proceeds to analyze market equilibrium, profit maximization, and long-run equilibrium within a perfectly competitive framework, calculating equilibrium price, quantity, total revenue, total cost, and profit for a firm. The assignment further explores the factors that drive profits to zero in the long run in a perfectly competitive market and discusses the short-run decisions of firms, including shutdown points. Finally, the assignment shifts its focus to monopoly, analyzing the monopolist's demand, marginal revenue, and profit-maximizing output and price. It also calculates the total revenue, total cost, and profit for a monopolist. The assignment utilizes equations, calculations, and graphical representations to illustrate key economic concepts.