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The market for fertilizer is perfectly competitive. Firms in the market are producing output, bur are currently making economic losses.
a. How does the price of fertilizer compare to the average total cost, the average variable cost, and the marginal cost of producing fertilizer?
b. Draw two groups, side by side, illustrating the present situation for the typical firm and in the market.
c. Assuming there is no change in either demand or the firms' cost curves, explain what will happen in the long run to the price of fertilizer, marginal cost, average total cost, the quantity supplied by each firm, and the total quantity supplied to the market.
Which of the following is true for perfect competition but not true for monopolistic competition and monopoly. a. MC = MR. b. P = MC. c. Positive long run profits. d. Both b and c.2. Profit margin equals: a. marginal cost minus marginal revenue. b. a..
Dundee argues that the situation in Oklahoma City was desperate, and that Lindenwood could have tried to locate other suppliers of the lumber to meet its lumber needs. The case is tried before you, the Circuit Court of St. Charles County.
A,B, and C decide to act illegally as a cartel, to divide the market equally among the three of them, and to set the price and output that will maximize their total profits. What price and output do they set? What is the output level that each of ..
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
The demand for lumber, like that for carpenters, is a derived demand-derived from lumber demand in its many uses, particularly housing. When the demand for new housing increases, so does the demand for lumber. For example, as the U.S. economy reco..
Write down a short memo to Ralph Sampson describing the analysis that the company should do before it makes this decision and any other considerations that would affect decision.
Discuss the effect (increase or decrease) of an increase in the tax rate, t, on the equilibrium income Y* using the effect of increasing t on the equilibrium solution.
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Graph the long run equilibrium for perfect competition. Using a similar average cost curve, graph the long run equilibrium for monopolistic competition.
the manager of global opportunities for a U.S. manufacturer, who is considering expanding sales into Europe. Your market research has identified three potential market opportunities: England, France, and Germany.
Wages after inflation rise for most Americans by about 3% and for highly skilled workers by 7%. The stock market soars and home prices rise dramatically. If all other things are equal, what is the likely effect on the poverty rate
What is true about the relationship between marginal revenue and marginal costs when profit is the greatest?
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