SUNY ECON 182 -Explain how the iPhone app market

Homework # 8. Due 11/14/2016Submit your answers on a one page, printed document, submitted in class by you.Format: Single space, twelve point font, one inch margins.Your full name and UB person id should be on the top of the page….e the entire page.No handwritten homework’s.Late homework’s shall not be accepted.One Point EXTRA credit if you post to your ePortfolio and attach the copy of theposted homework!Assignment:Page 290 & 290 of Parkin’s 12th Edition of Microeconomics discusses perfectcompetition in iPhone app market.Discuss:1 Explain how the iPhone app market can be explained by the perfectlycompetitive model?2 Explain how marginal cost, marginal revenue and average total costinfluence developer decisions.3 What happens to economic profit when the market for apps reachesequilibrium? Make sure that you:1) Introduce your topic.2) Answer the questions.3) Conclude and summarize your thought(s) on the subject.

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