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Suppose the restaurant industry is perfectly competitive and all producers have identical cost curves. The industry is currently at a long-run equilibrium, with each firm producing at its minimum long run average total cost of $8.
a) If there is a sudden increase in demand for restaurant meals, what will happen to the price of restaurant meals? How will individual firms respond to this?
b) In the market as a whole, will the change in equilibrium quantity be greater in the short run or the long run? Explain.
c) Will the change in output on the part of individual firms be greater in the short run or the long run? Explain.
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Using the results obtained in part (b) and part (c), derive the monopolist's short-run profit-maximizing level of output.(e) Determine the price charged by the profit-maximizing monopolist and the amount of profit earned.
A woman managing a photocopy establishment for $25,000.00 per year decides to open her own duplicating place.
Find the resulting Nash Equilibrium prices. How much will each firm sell? What will each firm's profits be?
Assume that the analysis period is 10 years and that the parking lot could always be sold to recover the costs of buying the property and demolishing.
Explain, based on the given information about the economy, whether the current situation for the economy is Pareto efficient or not.
Within a monopolistically competitive industry, it would be expected that:
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What steps can the government takes to correct for the market failure in the case of pollution and education? (as detail as possible)
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