Economics
UWSC Microeconomics Theory of The Firm Supply & Demand & Productivity Discussion

University of Washington-Seattle Campus

Question Description

I don’t know how to handle this Economics question and need guidance.

The class covers three major areas. We start with the theory of the firm, where we explore the relationship between cost and productivity, and analyze the implications of profit maximizing behavior on factor demands and the supply of consumption commodities. We also discuss here how firms can increase their profits by using various (non-linear) pricing techniques. Second part of the course focuses on market (partial) equilibrium. The determination of price and quantity of output is analyzed for the cases of perfect competition and a variety of imperfectly competitive market structures. Also, the critical relationship between factor markets and income distribution is explored. Finally, the third topic exposes students to some basic game theory concepts. We analyze here some implications of strategic behavior and explore a few basic game theoretical equilibrium notions as well as their applicability to a variety of real-world issues such as bargaining between unions and management or setting optimal levels for prices, quantitates and advertisement levels.

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Final Answer

Attached.

Running head: SUMMARY OF CLASS READINGS
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Summary of Class Readings
Student’s Name
Institution Affiliation

SUMMARY OF CLASS READINGS

2

Summary of the Class Readings

The class readings covered various major microeconomic concepts. As such, we began
the class readings by studying the theory of the firm, which states that a firm exists and engages
in activities that maximize profits. In this case, in my understanding, any business that exists or
is founded its objective is to maximize profit by ensuring that it minimizes the cost of
production. Then we studied the concept of supply and demand, as well as, the relationship
between cost and productivity. Notably, productivity is an indicator that is used to indicate the
level of efficiency in goods production; whereas, the cost helps in indicating the expense of
producing one unit of outpu...

DoctorDickens (9381)
New York University

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