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Assume the market for wheat display's the following characteristics, namely many buyers and sellers, produce identical products and have no barriers to entry or exit.
(a) Assume the wheat industry starts out in the long-run competitive equilibrium. Using appropriate diagrams show how this would look like at both the industry and firm level. (Hint: Each firm is making a normal profit).
(b) Now assume there has been a permanent decrease in demand for wheat. Using appropriate diagrams explain what will happen to price and quantity for wheat at both the industry and firm level. (Hint: You need to discuss what type of profits, if any, each firm is making).
(c) With the use of appropriate diagrams, discuss the adjustment process, at both industry and firm level, to bring the market for wheat back to long-run equilibrium.
After viewing the video clip from Cool Hand Luke, first consider how marginal benefits and marginal costs fit in to Luke’s decision, and how the concept of diminishing marginal utility is at work as Luke eats more and more eggs. What is driving his m..
The Snicker Company, the largest manufacturer of Snickerdoodles in State F, decided about two years ago to enter the cookie market in State G. Several small companies in State G manufacture Snickerdoodles, but the market has traditionally been very s..
If the time-frame at hand is sufficient for all inputs to be variable (adjustable), then the firm is
both the short run and the long run assuming that the government takes no action in response to the oil price increase.
Two economists, Lynch and Wyatt, are discussing the currently high unemployment rate. Lynch says that something ought to be done quickly since the economy may not be able to restore itself to full employment. Wyatt says that it is better to take a "h..
Draw a Production Possibility Frontier for the production of hamburgers and milkshakes at a hamburger restaurant.
Research and present one CEO (Chief Executive Officer) pay package. Does this CEO earn more money if the company performs well? What penalty does the CEO receive if the company does not perform well?
Suppose that GDP is currently $25,000 and marginal propensity to consume is .50. If autonomous investment increases by $5,000, what will GDP be in new equilibrium.
Seven years ago a New Brunswick logging company purchased a used wood chipper for $141,600 for biomass and custom chipping. Operating and maintenance costs averaged $4,100 per year. A complete overhaul at the end of year 4 cost additional $12,000. An..
Suppose identical price setting duopoly firms have constant marginal costs of $50 per unit and no fixed costs. Consumers view the firms products as perfect substitutes. The market demand is Q=150-p
What would happen if a large number of women entered the workforce, and hired others to cook, clean, and care for their children? is this change reflective
Liam O'Kelly is 20 years old and is thinking about buying a term life insurance policy with his wife as the beneficiary. The quoted annual premium for Liam is $8.44 per thousand dollars of insurance coverage. Because Lia, wants a $110,000 policy (whi..
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