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The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost. The level of profit earned depends on the relationship between price and average total cost. Graph the perfectly competive industry of market. Graph the perfectly competitive individual firm. Note that the perfectly competitive market is initially in long-run equilibrium with price equal to P1. Assume now that there is an increase in demand for the good produced in this market. Draw a new market demand curve that illustrates this change and lable it D2. Also, draw the new demand curve for the firm and lable it MR2=D2. Is the firm now making economic profit? Given the change in demand described, over time what will happen to the number of firms the industry? As this change takes place, what will happen to the industry supply curve? Draw the new industry supply curve that is consistent with long-run equilibrium in the market and lable it S2. After the market has once again adjusted to long-run equilibrium, market price is (what ?) and economic profit for the company is equal to (what ?)
Assume monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
If the production function is Q=K^.5 L^.5 and capital is fixed at 1 unit, then the average product of labor when L=36 is?
Employ the following information on hypothetical short-run production function to answer questions a-d. Compute the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically.
Explain how this transaction would be recorded in your firm's financial statements. Additionally, your hospital has experienced negative levels of net income for the last five years. The total amount of accumulated deficits is $5 million
Developing a regression model with Sample Regression Model
Use Human Capital theory and describe the relationship between skill and unemployment. Naturally, economists and the public at big usually think of skill level having having an inverse relationship with unemployment.
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
Suppose that the economy is already in recession, and both President and Congress have declared to do something to restore the economy.
Write down a five paragraph introduction detailing the purposes and activities of the organization. Consider whether there're any groups opposed to them and why.
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