MicroEcon Discussion

Description

At least 50% of all small business fail within their first five years of operation.  Explain this using the tools of economic analysis learned in Chapter 22.  Be detailed, specific, and clear. Chapter Introduction 22-1 Price Takers and Price Searchers 22-2 What are the Characteristics of Price-Taker Markets? 22-3 How does the Price Taker Maximize Profit? 22-3a Profit Maximizing—A Numeric Example 22-3b Losses and When to Go Out of Business 22-4 The Firm’s Short-Run Supply Curve 22-5 The Short-Run Market Supply Curve 22-6 Price and Output in Price-Taker Markets 22-6a Long-Run Equilibrium 22-6b How will the Market Respond to an Increase in Demand? 22-6c How Will the Market Respond to a Decrease in Demand? 22-6d The Long-Run Market Supply Curve 22-6e Supply Elasticity and the Role of Time 22-7 The Role of Profits and Losses 22-8 Competition Promotes Prosperity

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