unit 8 and unit 9 discussion

In this bid you will answer the 2 discussions differently. Don’t mix the two questions together.

Unit 8 Discussion

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

Describe the business and discuss the following:

What costs you would incur;

What competition you might experience;

How you would determine the price you would sell your product; and,

How much product you would produce?

Note: These are all the question for unit 8 Discussion(you can answer all these question in one paragraph)

Unit 9 Discussion

Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly.

What is the impact of the monopoly power on its customers?

What characteristics of the industry make it a monopoly?

Why might government want to regulate natural monopolies?

How might such regulation be structured?