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a perfectly competitive firm and industry in long-run equilibrium.A. How do you know that the industry is in long run equilibrium?B. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.C. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by: Qd = 998 - 5Pw + 4 Y - 6Pg
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
A monopolist supplies to a market with (inverse) demand given by D(Q) = 100 ? Q. The monopolist has constant marginal cost c = 2. Compute the monopolists profit-maximizing supply choice and the corresponding mark-up over marginal cost.
Assume that the Federal Reserve sells government securities from its existing holdings to financial sector and non bank public. Trace by the expected consequences of this secondary market action on banking system
Using the "Monopoly" model found in the Chapter 10 "Origin of Idea" module, explain why a monopoly will never operate in the inelastic portion of the demand curve? What are the underlying purposes of the antitrust policy in the United States? Thes..
If market price is $60, how many units of output will the firm produce? Zero units of output because the firm shuts down. 1 unit of output. 2 units of output. 3 units of output.
Compare and contrast each market structure. Make sure to discuss the differences in the productive and allocative efficiency when comparing and contrasting.
A machine is purchased for $150,000. Revenue for the first year was $50,000. Over the total estimated life of 8 years, what must the annual revenue for years 2 through 8 equal to recover the investment, if costs are constant at $42,000 and a ret..
Think a country that initially consumes one hundred pairs of shoes per hour, all of which are imported. The value of shoes is $40 per pair before a ban on importing them is imposed.
Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
As a manager of a financial considering business you have two financial planners, Phil and Francis. In an hour, Phil can make either one financial statement or answer ten phone calls,
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