Help For Your Introductory Economics Course

There are various elements you must meet in the Overall Market section of your paper. I will summarize these requirements here, and then you can use the corresponding numbers (in bold) to find examples of each within the sample paper that follows. Market Share Market share is the percentage of an industry or market's total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period. You’ll need to cover the following in your paper: (1) Discuss the market share of the firm and its top competitors (2) Provide detail on the current percentages for your firm and its top competitors ( For more detail on finding market share data, take a look at this post .) (3) Present the data graphically (4) Describe the trend over time Barriers to Entry Barriers to entry represent something that keeps new firms from entering a...

Here are some important terms to know: Marginal Physical Product (MPP) -The physical output that is due to the addition of one more unit of a variable factor of production.  The change in total product occurring when a variable input is increased and all other inputs are held constant.  (Also known as marginal product ) Law of diminishing marginal product : The observation that after some point, successive equal-sized increases in a variable factor of production, such as labor, added to fixed factors of production will result in smaller increases in output. Marginal Revenue Product (MRP): The marginal physical product (MPP) times marginal revenue (MR) obtained from a one-unit change in labor input. Now let’s put these terms into use by solving some sample problems… Sample Problem: Calculating Marginal Physical Product (MPP) A bakery owner is considering how many bakers it needs each day.  If there are no bakers working, then 0 donuts will be produced that d...