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:

  1. what costs you would incur;
  2. what competition you might experience;
  3. how you would determine the price you would sell your product; and,
  4. how much product you would produce?