Economics for Business

Apr 28th, 2015
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It is about how business is effected by micro and macroeconomics.

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LCA Business School LondonProgramme: Business UndergraduateLevel: 4Academic Year: 2013/2014Semester: 2 & 3Submitted By:__________St. ID:Module Title: Economics for BusinessModule Code: MOD003327Table of ContentsTask 13Introduction41.1Perfect Competition41.1.1Assumptions of perfect competition market51.1.2Short Run price and output for the Competitive Industry51.1.3The Effects of a change in market Demand71.2Monopoly71.2.1Assumption of Monopoly71.2.2Natural Monopoly81.2.3Equilibrium Output81.2.4Comparison9Similarities10Differences10Task 2.122.1Government Regulation of Monopoly122.2Three ways by which monopoly can control to increase the perfect competition122.2.1Price ceiling policy122.2.2Average Cost Curve132.3Efficient Regulatory Mechanism142.4 Arguments In Favour of monopoly14References16Task 1 Discuss what economists meant by "perfect competition" and "monopoly", giving example of each market type, explain whether one model is effective than other. IntroductionEconomists assume that there are a number of market different buyers and sellers in the market that shows there is competition in the market, which allows price to be change in response to changes in market supply and demand. There are substitute for every product in the market, so if one product become very expensive, a buyer can purchase the other one. In market there are many buyers and sellers, both the consumer and supplier have

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