User Account

All Pages

Illustrate the relationship between a perfectly competitive

Assignment Help Microeconomics
Reference no: EM13324073

1. At a price of $5 the profit-maximizing output for a perfectly competitive firm is 1,000 units per year. If the average total cost is $3 per unit, what will be the firm’s profit? If the average total cost is $6 per unit, what will be the firm’s profit? What is the relationship between profit, price, and average total cost?

2. Use the following diagram to answer a, b, and c.

a. Illustrate the relationship between a perfectly competitive firm’s demand curve and the market supply and demand curve.

b. Illustrate the effects of an increase in market demand on a perfectly competitive firm’s demand curve.

c. Illustrate the effects of a decrease in market demand on a perfectly competitive firm’s demand curve.

Reference no: EM13324073

Questions Cloud

What is the probability of a water shortage in the city : during the next month, the amount of water available for a city is lognormally distributed with a mean of 1 million gallons and a c.o.v. of 40%, where as the total demand is expected to follow a lognormal distribution
What is the probability of a water shortage in the city : during the next month, the amount of water available for a city is lognormally distributed with a mean of 1 million gallons and a c.o.v. of 40%, where as the total demand is expected to follow a lognormal distribution
What is the probability of a water shortage in the city : during the next month, the amount of water available for a city is lognormally distributed with a mean of 1 million gallons and a c.o.v. of 40%, where as the total demand is expected to follow a lognormal distribution
Discuss the goals and initiatives outlined in the kyoto : Discuss the goals and initiatives outlined in the Kyoto Protocol. What are the benefits of the Kyoto Protocol in terms of stabilising emissions? How have these stabilising initiatives been adopted?
Illustrate the relationship between a perfectly competitive : At a price of $5 the profit-maximizing output for a perfectly competitive firm is 1,000 units per year. If the average total cost is $3 per unit, what will be the firm’s profit? If the average total cost is $6 per unit, what will be the firm’s profit..
Explain the student adds 6 m nh3 to cuso4 solution : The student adds 6 M NH3 to CuSO4 solution until the Cu 2+ ion is essentially all converted to Cu(NH3)4 2+ ion. The voltage of the cell goes up to 0.92 V and the Cu electrode is still negative. Find the residual concentration of Cu 2+ ion in the c..
Find a minimum from an array with size of 6 : Write a COMPLETE program that will find a minimum from an array with size of 6. The program should ask for input from the keyboard for all the elements.
Explain the neutral oh molecule has been implicated : The neutral OH molecule has been implicated in certain ozone-destroying processes which take place in the upper atmosphere. a.) Assuming the electron added to OH is entirely localized in a single atomic orbital on one atom
Show the average cost-pricing solution : Compare the size of the welfare (deadweight) loss under monopoly in the case of perfect price discrimination and under the standard case of simple monopoly. Explain.

Reviews

Write a Review

Microeconomics Questions & Answers

  Suppose that starplex decides to implement third degree

Suppose that Starplex decides to implement third degree price dis-crimination. How many tickets w ll be purchased by college students? What price should Starplex charge college students? [Hint: carry youranswer out to two places past the decimal

  Four types of market failure

Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).

  How to shape any of interests into a business opportunity

A huge number of successful businesses' such as Apple, The Cheesecake Factory, and E-Bay, were built around the personal passions of their founders. Consider your own personal passions. What do you love to do What are you great at doing

  How has walmart impacted vertical coordination

How has Walmart impacted vertical coordination? Your opinion does not need to be based upon the article and how has Walmart impacted performance of the US economy

  Finding long run equilibrium price

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,

  Question about aggregate consumption function

The government make a decision to finance the increased expenditures need to  close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?

  What is chris''s marginal rate of substitution

Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?

  Which industry is labor intensive

Give the percentage change in the rental on capital and percentage change in wage and compare the magnitude of the percentage in the rental on capital with percentage change in wage in part (b). Use notational format.

  What is the optimum economic life

The salvage value is expected to be $150,000 at anytime you sell the machine for the next several years. Your MARR is 10%. What is the optimum economic life you predict for the machine?

  How can one use the put-call parity result to solve problem

You are pension fund manager with a problem. You are constrained by regulation to hold 50% of your pension portfolio in shares, but you are very worried about a stock market crash and would like to hold only riskless bonds. You are not constrained..

  Are the indifference curves are both convex

The utility function is U = U (X, Y) If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.

  Product of labor equation is an important equation

The Value of the Marginal Product of Labor Equation is an important equation. Setting aside political considerations, there has been quite a bit of discussion regarding the pay level for fast food restaurants. In two paragraphs, please discuss the ch..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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