User Account

All Pages

Competitive firm making a single product

Assignment Help Microeconomics
Reference no: EM133218178

Suppose you are the production manager of a small perfectly competitive firm making a single product. 

  1. Explain whether each of the following factors does or does not affect the profit maximizing level of output your perfectly competitive firm makes. 
    1. Rent for the firm's space increases. (graph required)
    2. Employee Wages increase
    3. Health insurance premiums paid by the employer increase (graph required)
    4. Interest rates go down on the loans held by the firm
    5. Demand for the firm's product increases
  2. Is your answer different in the short run compared to the long run? Explain why/how. 
    1. Rent for the firm's space increases. (graph required)
    2. Employee Wages increase
    3. Health insurance premiums paid by the employer increase (graph required)
    4. Interest rates go down on the loans held by the firm
    5. Demand for the firm's product increases

Reference no: EM133218178

Questions Cloud

Find the market equilibrium and draw a graph : The meat industry in the US is described with the following demand and supply functions (price in dollars and quantities in kilos of meat per person per day)
Find all of the nash equilibrium : Two concert promoters, Alpha and Best, must simultaneously (and independently) decide on the quality of the concert they will put on the same night: High (H), M
What is the prisoner dilemma result : What is the prisoner's dilemma result? Explain how you arrived at the solutions. what is the best choice from sam if he is sure that marry will cooperates?
Development process of vending machine operating system : Considering that you are working for a small but very innovative food technology company that manufactures fresh food vending machines.
Competitive firm making a single product : Suppose you are the production manager of a small perfectly competitive firm making a single product.
Algorithm will increase quality of the software : Describe how providing both a flowchart and pseudocode version of an algorithm will increase the quality of the software.
Artificial intelligence software : An image recognition AI (Artificial Intelligence) software is usually designed with the ability to learn from a huge number of images.
Simple thread and runnable : Write code that declares an anonymous Runnable object with the variable name myRunnable.
Airport has developed self-service kiosk : An airport has developed a self-service kiosk which enables visitors to check in and validate their tickets.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

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..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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