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Market demand schedule for noodlesPrice Q Demanded5.4 502006.4 452007.4 400008.4 350009.4 3000010.4 2480011.4 1980012.4 14800
The market is perfectly competitive which constant input prices and each firm has the same cost structure from the table listed below;Output Marginal Cost AVC ATC150 6 8.8 16.5200 6.4 7.8 13.6250 7 7 11.64300 7.65 7.1 10.97350 8.4 7.2 10.52400 10.4 7.5 10.4450 12.4 8 10.58500 12.7 9 11.32Initially there are 100 companies in the industry
[A] What is the market price and output in the short run?[B] What is the Economic profit of each firm in the short run?[C] Determine the shutdown point for firms in the short run?[D] Find the long run equilibrium price and the number of firms?
Compare the consumer surplus, producer surplus, and total surplus in this condition to those same measures in a perfectly competitive market.
The major changes that have forced differences are changes in the place of women in society as more equal in terms of jobs and working, more out of wedlock births creating more single families, less stigma by society on men who do not participate ..
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
A firm is making production plans for upcoming quarter, but the manager doesn't know what the price of the product will be next month. She thinks there is a 30 percent chance price will be $500 and a 70 percent chance price will be $750.
Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
Discuss why a monopolist should lower its quantity relative to the perfectly competitive market to maximize profits. Make sure to elaborate employ examples.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7-Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
What is the Underground Economy? What effect, if any, does the Underground Economy have on the entire economy? Is it positive, negative, or has no effect?
Compute the unit price if the ventor sold 200 CDs. Compute the demand curve for CD. Calculate the fixed and variable costs. Calculate the break even quantities (number of CDS).
What does this decision by Wal-mart tell you regarding the price elasticity of the demand curve that it faces?
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