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Short run equilibrium - Perfect competition:
In the short-run, the perfectly competitive firm maximizes its profit by producing output where MC=MR=P. This is shown in the diagram below (labeled Figure I) as output Q1. The firm’s total profit is represented by the shaded rectangle P, ABC which is obtained as total revenue (rectangle P,OQ,C) less total cost (rectangle A,OQ,B). It follows that, in the short-run, the firm in perfect competition is making positive economic profit, otherwise referred to as abnormal profit or supernormal profit.
In the above diagram, the short-run marginal cost, average total cost, average variable cost curves are labelled SMC, SAC, and SAVC respectively.
2) Proctor & Gamble (P&G) and the Lever Co. decide to form a laundry detergent cartel for future sales in Europe. Lever is more efficient than P&G. a)illustrate graphically how the
What are the parts of valuable economics paper? The consequence of economics research is an economic conclusion. Usually a valuable economics paper comprises three parts: a.
#q The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan
In this section, we ask you to write down a simple, formal, mathematical model. A small number of points will be awarded for an intuitive discussion of the problem, but most of the
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illustrate a long-run equilbrium using diagrams for the gold market and for a representative gold mine
why mrts should convex to origin
Determinants of the Income Elasticity of the Demand: The determinants of income elasticity of demand are given below: The Degree of necessity of the commodity.
what do you meant by rent?
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