Microeconomics Unit 8: Cost Analysis and The Perfectly Competitive Market – Discussion
Topic 1 Discussion topic: Your Own Business
Assume that you are going to start a small business of your own.
Describe the business and, utilizing the concepts of this unit and the earlier units, discuss:
- what costs you would incur;
- what competition you might experience;
- how you would determine the price you would sell your product; and,
- how much product you would produce?