Production under pure competition, monopoly, oligopoly, monopolistic competition

In this essay you will be asked to reflect the following issues using the supply and demand model. 1.) There are two important inputs in the production of lattes: coffee beans and labor from workers at the coffee shop. a. Workers need to make a decision about how much time to spend working and how much time to spend doing other things. What factors affect the decision of a worker and how do these things affect the price of lattes? b. Suppose a drought strikes the major coffee growing regions of Brazil. Describe the effect of the drought on the price and quantity of lattes in the context of the supply and demand model. 2.) Now consider the local coffee market more broadly. Explain how the output decision made by a particular coffee shop differs under each of the four market structures: competition, monopoly, oligopoly. and monopolistic competition. Learning Objective 0 Points 2.6 Point 3 Points 3.4 Points 4 Points Demonstrate the Student Did Does not Demonstrates the knowledge of Demonstrate the Demonstrates the knowledge of Not demonstrate the basic elements and concepts of knowledge of basic knowledge of basic basic elements Submit/Not knowledge of microeconomics, but with some elements and concepts of elements and concepts of and concepts of Applicable basic elements major errors in economic microeconomics, but with microeconomics microeconomics and concepts of reasoning. some minor errors in microeconomics. economic reasoning Identify economic Student Did Does not identify Identifies economic resources Identifies economic Identifies economic resources and Not economic and their use, but with some resources and their use, but resources and their use. their use. Submit/Not resources and major errors in economic with some minor errors in Applicable their use. Here reasoning. economic reasoning the student has failed to learn the concept. Differentiate Student Did Does not Differentiates production under Differentiates production Differentiates production production under Not differentiate pure competition, monopoly. under pure competition, under pure competition. pure competition. Submit/Not production oligopoly and monopolistic monopoly, oligopoly and monopoly, oligopoly and monopoly. Applicable under pure competition, but with some major monopolistic competition, monopolistic competition. oligopoly and competition. errors in economic reasoning. but with some minor errors monopolistic monopoly, in economic reasoning. competition. oligopoly and