User Account

All Pages

Difference between production in short-run and long-run

Assignment Help Business Economics
Reference no: EM133080468

A firm sells its product in a competitive market where all firms charge a price of USD 4000 per unit. The firm's total costs are given as below: C(Q) = 200 + 10Q + Q2

a. How much output should the firm produce in order to maximize profit?

b. What is the difference between production (and cost) in the short-run and the long-run?

c. In what sense competitive market is an ideal market structure?

Reference no: EM133080468

Questions Cloud

Explain the concept of diminishing marginal utility : 1. Explain the concept of diminishing marginal utility and describe the role that it plays in the utilitarian argument for redistribution of income.
Making production decisions : Relative to costs, what should firms consider when making production decisions?
Calculate the net benefit for the referent group cba : A foreign mining firm is considering investing in a project near Archer River in Queensland. A recent CBA shows that the project has a net benefit of $180,000 i
Analyse the current state of affairs : Double-dip recession possible as COVID lockdowns ravage Australian economy - ABC, July 2021
Difference between production in short-run and long-run : A firm sells its product in a competitive market where all firms charge a price of USD 4000 per unit. The firm's total costs are given as below: C(Q) = 200 + 10
Discuss remedies-such as tax incentives : -Discuss remedies-such as tax incentives, public-private partnerships, or nonprofit ventures-that could bring real progress on this issue.
Briefly summarize the empirical literature : Briefly summarize the empirical literature on the long-run costs typically incurred by firms in a variety of industries. In particular, is there reason to belie
Determine rate of movement of pacific plate : The island of Maui in the Hawaiian Island chain is 1.32 million years (1,320,000). Measure the distance from the center of the big island of Hawaii to Maui to d
Does the federal reserve bank lending : Does the federal Reserve bank's lending, the FDIC, and a centralized currency make is stronger as an economy and nation? In a paragraph, explain how and why.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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