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Draw below a illustration of marginal cost and average total cost curves for a small firm that is in long run equilibrium. a. locate the long run equilibrium price and quantity if the firm is perfectly competitive. b. Label the price and quantity P1 and Q1 c. draw in a demand and marginal revenue curve to illustrate long run equilibrium if the firm is monopolistically competitive. Label the price and quantity P2 and Q2 d. How do the monopolistically competitive firm's price and output compare to those of the perfectly competitive firm? e. How do long run profits compare for the two types of firms?
Prepare a table that shows total variable cost, average total cost, and marginal cost at each level of output.
How many fish should a commercial fisher try to catch in a day? Should he catch as many as possible or return to dock before filling the boat with fish? Under what economic circumstances should he not even take the boat out? Is Apple Computer a perfe..
Injection molding machines are needed to be replaced at a company. The list is narrowed down to two options based on various parameters like screw diameter, injection pressure, injection capacity, rate, and screw rpm and so on. calculate the PW of th..
Fiscal stimulus to aid recovery from a recession will be most effective in the long run if______________
The law of demand states that other things equal
Why is it important to ensure Organizational ethics are communicated to stakeholder consistently? How can this be achieve? Give examples to support your arguments.
In September 1995, Patrick Buchanan, a Republican candidate for U.S. president, proposed a 10 percent tariff on Japanese imports to the United States, a 20 percent tariff on Chinese imports to the United States, and an unspecified “social” tariff on ..
Which of the following is most likely to happen in the short run?
A buyer for a large sporting goods store chain must place orders for professional footballs with the football manufacturer six months prior to the time the footballs will be sold in the stores. What is the expected profit in the optimal strategy case..
Are there any indications that the United States Declaration of Independence or Constitution or the 1689 English Bill of Rights influenced the National Assembly? If so, how?
You have just been hired as manager of a new golf club. The golf club has market power over its members. The club owner wants you to come up with a two-part pricing strategy to maximize profits for the club. The average golfer’s monthly demand is P =..
Assume that the job separation rate s is 0.01 (1%) per month and that the job finding rate f is 0.2 (20%) per month. What is the steady state unemployment rate for this economy? In the table from the previous scenario, how many periods does it take f..
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