Economics in Action involves playing a game that simulates the decision-making process of a manager of a small firm that participates in a perfectly competitive market. Each firm in this market produces an identical product. Consumers of the product are also informed about each firm’s price and there are no transportation costs. Consequently, consumers buy from the firms with the lowest price. You know that your competitors’ prices are stable and equal to $180k per unit. You must decide what price to set and how much to produce. In round 3, the fixed production cost increases and you must decide how to react.
Here is the link to the game:
Choose the option to play one of the 14 simulations to play alone and access the “Perfect Competition Simulation.”
Play the game to its conclusion and take a screenshot of the final page. In your screenshot include the price, production, sales, and profit. In addition to the screenshot, write a few sentences reflecting on the strategy you used. Did you make a profit?
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