## [SOLUTION] Competitive Firms

Part 1 Uber began to trade its stock publicly in early May of 2019. The initial stock price was a bit of a disappointment. Uber had hoped  investors would value it at around \$100 billion, but they instead valued it Iat closer to \$80 billion dollars. One of the reasons that investors may have been wary of Uber could because of friction between the company and some of its drivers. An interesting podcast on the issue: https://podcasts.google.com/?feed=aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RvZGF5LWV4cGxhaW5lZA%3D%3D&episode=Z2lkOi8vYXJ0MTktZXBpc29kZS1sb2NhdG9yL1YwLzNPTDZPc0luVHNpTzZ3cmNmVll6MFNrcTNRQjRxTVNBNjhFUHAtUThIZm8%3D After listening to the podcast, think about: What are drivers’ biggest complaints against Uber? Do you think Uber is likely to “give-in” to the demands of its drivers? Why or why not? Do you think Uber operates in a competitive market? Why or why not? Feel free to use other sources as well in your response Part 2 Vocabulary ( Explain by your own words) 1.      Competitive Market 2.      Marginal Revenue 3.      Profit Maximization  Questions 1.      What are the main characteristics of a competitive market? 2.      The goal of this question is to learn how to draw a graph of a representative firm making positive economic profit. a.       Draw a label your axes. Be sure to give the graph a title. b.      Draw the ATC, AVC, and MC cost curves. I recommend you draw them in that order. Label the intersection point of MC with AVC. Label the price P_AVC and the quantity q_AVC. Label the intersection point of MC with ATC. Label the price P_ATC and the quantity q_ATC.                                                               i.      Will a competitive firm ever choose to produce less than q_AVC? Why?                                                             ii.      Will a competitive firm ever choose to produce less than q_ATC? Why? c.       For a firm to make a positive economic profit it must be charging a price that is higher than P_ATC. Draw in a horizontal line at such a price. This is the firms marginal revenue curve. Be sure to indicate on the x-axis of your graph how much this firm will produce at that price. d.      Shade in the rectangle on the graph that represents our competitive firms profit. 3.      If a competitive firm is making a positive profit in a market, predict what will happen to the number of firms in that market and the price of the good in that market in long run. Explain.

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## [SOLUTION] Briefing Note

Attached is how to write a briefing note example. I will send the instructions for the topic on Aug 21st at 12:01 am and you have 16 hours to complete it.  The general idea about the topics is :  This course aims to present current and ongoing issues and/or debates in economic policy debates. For example, Climate Change and Increasing Income Inequality are and will be important public policy issues for many years to come. Some of the issues that dominated economic policy debates in the past were mostly local in scope and have since generally receded in importance. A main objective is to understand that economic policy choices of the future are the ones which you, as citizens, will need to analyze. As such, this course has two major themes: economic growth and sustainability in Canada.

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## [ORDER SOLUTION] Briefing Note

Attached is how to write a briefing note example. I will send the instructions for the topic on Aug 21st at 12:01 am and you have 16 hours to complete it.  The general idea about the topics is :  This course aims to present current and ongoing issues and/or debates in economic policy debates. For example, Climate Change and Increasing Income Inequality are and will be important public policy issues for many years to come. Some of the issues that dominated economic policy debates in the past were mostly local in scope and have since generally receded in importance. A main objective is to understand that economic policy choices of the future are the ones which you, as citizens, will need to analyze. As such, this course has two major themes: economic growth and sustainability in Canada.

Read more

## [ORDER SOLUTION] Competitive Firms

Part 1 Uber began to trade its stock publicly in early May of 2019. The initial stock price was a bit of a disappointment. Uber had hoped  investors would value it at around \$100 billion, but they instead valued it Iat closer to \$80 billion dollars. One of the reasons that investors may have been wary of Uber could because of friction between the company and some of its drivers. An interesting podcast on the issue: https://podcasts.google.com/?feed=aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RvZGF5LWV4cGxhaW5lZA%3D%3D&episode=Z2lkOi8vYXJ0MTktZXBpc29kZS1sb2NhdG9yL1YwLzNPTDZPc0luVHNpTzZ3cmNmVll6MFNrcTNRQjRxTVNBNjhFUHAtUThIZm8%3D After listening to the podcast, think about: What are drivers’ biggest complaints against Uber? Do you think Uber is likely to “give-in” to the demands of its drivers? Why or why not? Do you think Uber operates in a competitive market? Why or why not? Feel free to use other sources as well in your response Part 2 Vocabulary ( Explain by your own words) 1.      Competitive Market 2.      Marginal Revenue 3.      Profit Maximization  Questions 1.      What are the main characteristics of a competitive market? 2.      The goal of this question is to learn how to draw a graph of a representative firm making positive economic profit. a.       Draw a label your axes. Be sure to give the graph a title. b.      Draw the ATC, AVC, and MC cost curves. I recommend you draw them in that order. Label the intersection point of MC with AVC. Label the price P_AVC and the quantity q_AVC. Label the intersection point of MC with ATC. Label the price P_ATC and the quantity q_ATC.                                                               i.      Will a competitive firm ever choose to produce less than q_AVC? Why?                                                             ii.      Will a competitive firm ever choose to produce less than q_ATC? Why? c.       For a firm to make a positive economic profit it must be charging a price that is higher than P_ATC. Draw in a horizontal line at such a price. This is the firms marginal revenue curve. Be sure to indicate on the x-axis of your graph how much this firm will produce at that price. d.      Shade in the rectangle on the graph that represents our competitive firms profit. 3.      If a competitive firm is making a positive profit in a market, predict what will happen to the number of firms in that market and the price of the good in that market in long run. Explain.

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