LAVC Economic Worksheet


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Announcement Details
ENGLISH 103 : Com/Critical Thinkin – Payte T…
MISTAKE on Summary Prompt –
Read me!
Trista Payte
Nov 4, 2021 at 13:37
Dear class:
The summary assignment prompt due on the 6th is
incorrect and pairs with a different essay 1. Big thanks
to the students who have emailed me expressing their
Because this is 100% my error, I am removing the
assignment and giving you all 40 points just for being
awesome. How’s that?
Spend the extra time you have writing some awesome
essays, ok? 😉
If you still have questions or concerns, email me or
you can ask on this thread.
1. What was the one most important concept you learned in the readings on costs of production and
competitive markets? In a one page essay, summarize this concept, explain how it changed your
prior understanding, and show that this concept important by applying it to a real life situation.
Please make certain that this essay is based on your own understanding, not the understanding of
someone else you found on the internet.
2. Based on your own experience, describe a business that is quite competitive. What good or service
is produced
Which of the criteria for a perfectly competitive firm are met by this business-and which are not?
(Identical products; price taker; low economic profits)
For this business give examples (description of the cost; no dollar amount needed) of the following and
explain why they are examples of this type of cost
Explicit fixed cost
Explicit variable cost
Implicit fixed cost
Implicit variable cost
3. A friend says she is worried about her small, individually-owned business advising new parents with
personal phone calls. Taking into account her implicit costs such as her own time and investment (she
has studied economics!) she realizes she is operating at a loss. She says she can’t raise prices because
other firms already charge this low price and the business is quite price elastic (again she has studied
economics.). What she asks you is: should she simply cut off the phone number today? Or, should she
wait to do so? What do you tell her?

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Explanation & Answer:
1 Page


competitive market

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