In economics, it is often useful to distinguish between a firm that has a monopo
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In economics, it is often useful to distinguish between a firm that has a monopoly (for example, is the only supplier of a product) and firms that supply only a small share of the market. How would the presence of a monopoly affect the relation between production and price? Would the presence of a monopoly tend to ensure the fixed-profit assumption of linear programming, or would it make it more likely that the interplay of supply and demand would have to be considered in order to have a truly realistic model?
Write a 2-3 page essay addressing these issues. Be specific and use an example of a firm that has a monopoly and firms that supply only a small share of the market. Explain the term “fixed-profit” as an assumption of linear programming. You may use your text or the Internet but please cite your information and list references. Be sure that your essay is in APA format.
For all essays for Math 217 be sure to define the math topic covered in your paper. What is a Linear Programming and Fixed Profit? As your write your paper pull in information from our textbook to further show me that you understand the topic.