Microeconomics Bu224 In Our last discussion we talked about

| November 24, 2016

Microeconomics Bu224 In Our last discussion we talked about

AFC (average fixed cost); AVC (average variable cost); ATC (average total cost); and, MC (marginal cost)?

A Business that I would like to own is a Catering Service which includes the Foods and the decorationsas well.

Question starts here: Your Own Business

Assume that you are going to start a small business of your own.

1. 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,
howmuchproductyouwouldproduce?

2. do you think that you could start a company to compete with Microsoft? Why? What about pizzerias? Why? What makes a business perfectly competitive? Why and how? How do you determine price

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