Question: Analyze a business owner's decision making regarding whether to enter a market. For example, what factors determined the driver's market entry and exit in the

 Analyze a business owner's decision making regarding whether to enter a

Analyze a business owner's decision making regarding whether to enter a market. For example, what factors determined the driver's market entry and exit in the simulation? Use economic models to support your analysis. How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain. How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact. Market Structures: Discuss the market structures simulations (Price Discrimination and Cournot) that you played in Modules Six and Seven. Then, do the following in the project template: Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the four listed market structures. Answer the following questions in the paragraphs below the table: Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims. How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims. Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims. Conclusions: Draw your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture. Finally, ensure that all of your sources are properly cited using in-line citations and references according to APA format

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