Relationship between price-short-run marginal cost

Assignment Help Microeconomics
Reference no: EM13685658

Describe the relationship between price, short-run marginal cost, long- run average cost and short-run average cost in the final long-run competitive equilibrium condition. What are economic profits in this long-run equilibrium condition?

Reference no: EM13685658

Questions Cloud

Find the average force on the meteor : A meteor with a mass of 1 kilogram moving at 20 km/s collides with Jupiter's atmosphere. Find the average force on the meteor once it enters Jupiter's atmosphere (Neglect gravity)
Discover the cumulative income shares : Quintile 1= 7.2% Quintile 2= 18% Quintile 3= 21% Quintile 4=25% Quintile 5= 29%. The table above shows the income share of each quintile in country X. Is the distribution of income more or less equal than in the U.S.?
What are the real economic impacts : What are the real economic impacts and long-term effects of trade sanctions?
Find the strength of the electric field between the plates : An ideal air-filled parallel-plate capacitor consists of plates that are 1 millimeter apart and have an area of 1.5 x 10-4 m2. Find the strength of the electric field between the plates
Relationship between price-short-run marginal cost : Describe the relationship between price, short-run marginal cost, long- run average cost and short-run average cost in the final long-run competitive equilibrium condition. What are economic profits in this long-run equilibrium condition?
Define what will be the equilibrium pressure of no : Suppose the equilibrium constant Kc for the reaction below is 1.70x10-1 define what will be the equilibrium pressure of NO if the partial pressure of all three are all 3.15 x 10-3 atm
Present value of the benefit of the additional education : Mike currently earns $20,000 as an unskilled labourer. Presume that by taking courses full-time at a community college for one year, Mike can earn his associate’s degree and qualify for a more skilled job paying $23,000 that is guaranteed to last for..
Find what was the initial flux through small coil : A solenoid of length 50 centimeter is made of 11000 circular coils. It carries a steady current of 11 Amp. Find what was the initial flux through small coil
Monopoly is considering selling several units of homogeneous : A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 80 - 0.5P, and the marginal cost of production is $100. Decide the optimal number of units to put in a p..

Reviews

Write a Review

 

Microeconomics Questions & Answers

  The marginal cost curve

The marginal cost curve above the minimum average variable cost

  What is the market supply curve

What is the market supply curve?

  Elasticity affect demand for higher education at college

How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered and would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students?

  What is gross domestic product

What is Gross Domestic Product, and why is it important for national economies?

  How do the different economic systems differ

How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions – What to Produce? How to Produce? and For Whom to Produce?

  Distinguish between the short run and the long run

Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents Explain, distinguishing between the short run and the lon..

  What is the variance of the sample mean

The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic production.

  Supply and demand problem

New York, had a serious ice storm. Electric power was out in houses for many days. The demand for power generators rise dramatically, Yet the local businessmen did not increase their prices.

  What is another action the government can take that would

If an effort to “maintain national security” government demands the wheat growers in America to produce Qs=16million pounds per year. The market can be expressed as P=120-3Qd and P=5Qs. What is the result of the government’s actions?

  How would you counter the union officials arguement

In an effort to stop the migration of many of the automobile manufacturing facilities from the Detroit area, Detroit's city council is considering passing a statute that would give investment tax credits to auto manufacturers. Effecively, this wou..

  Supply and demand curves

During the 4th-quarter of 1993, real GDP in US increase at an yearly rate of over 7 %. During 1994, the economy continued to expand with modest inflation

  Find the relationship between inflation and nominal

if governments know that increases in the money supply lead to inflation why do some countries increase the money

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd