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If a representative company with long run total cost given through TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given through QD = 1,500 - 40P, in the long run equilibrium there will how many companies?
Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly demand for these connectors is 15,000 units.
A manager hires labor and rents capital equipment in a competitive market. The current wage is $6.00 per hour and capital is rented at $12.00 per hour.
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
Johnston production is the price taker which utilizes this cost structure in the short run:
Which of the following statements best states the demand for agricultural commodities?
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
You were recently hired to replace the manager of the Roller Division at a major conveyor manufacturing firm, despite the manager's strong external sales record.
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
Estimate the demand function
Price fixing is a per se violation of Clayton Antitrust Act. From the materials in library and the Internet, find out an example of the price fixing case or other violations of U.S. antitrust law.
Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination. Determine price and the level of service if the car lot grants a monopoly franchise.
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