ECON312N Week 3 Discussion Latest 2020 November

ECON312N Principles of Economics

Week 3 Discussion

Concepts of Cost Structures under Perfect Competition

Required Resources

Read/review the following resources for this activity:

Textbook: Chapter 7, 8

Lesson

1 news article

Minimum of 1 scholarly source (in addition to the textbook)

Initial Post Instructions

For the initial post, address the following:

Locate a news article discussing a social services business failure or closure. Using the concepts in the lesson and Chapter 7, identify the root causes for the failure, examining the short run and long run. Use graphs if necessary.

Assume the business was in a perfectly competitive market. How do firms in a perfectly competitive market determine price and profit-maximizing output levels? How did these conditions affect the decision to close?

Follow-Up Post Instructions

Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Refer to the rubric for the criteria required for a response to be considered substantive.

Writing Requirements

Minimum of 3 posts (1 initial & 2 follow-up)

Minimum of 3 sources cited (assigned readings/online lessons, a news article, and an outside scholarly source)

APA format for in-text citations and list of references