You are the manager of a firm producing a product in a specific market structure. Provide the following information: Describe your product and the…

You are the manager of a firm producing a product in a specific market structure. Provide the following information:

  • Describe your product and the specific cost components of your product. Make the distinction between the fixed and variable costs associated in the production of your product. 
  • Provide reasons why your firm meets the characteristics of a particular market structure. Explain how this impacts your ability to set price. Does your firm face a downward sloping demand curve? What price do you charge for your product and why? 
  • In a table using hypothetical data, please provide total fixed cost, average fixed cost, total variable cost, average variable cost, total cost, average total cost, and marginal cost schedules. 
  • In a second table, indicate your profit maximizing output using price, marginal revenue, and marginal cost schedules. What profit/loss does your firm earn/incur? 

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