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If we assume that all firms in a perfectly competitive constant cost industry are identical, we conclude that, in the long run, product price will exactly equal the firms' minimum average total cost. Explain why this is true using supply and demand curves. For example, say that demand for a product falls due to changing consumer tastes, while the cost curves of the firms are unchanged. Describe what happens using supply and demand curves. In the long run, does the market price change due to the shift in the demand curve? Why or why not?
You put $20000 on deposit on your thirtieth birthday at 5 percent compounded annually. On your fortieth birthday, the account begins earning 6 percent. Then on your fiftieth birthday, it begins earning 7 percent.
The Microsoft antitrust trial (United States vs. Microsoft) has been one of the biggest investigations of antitrust behavior since the turn of the century. You are supporting the Government, research and present a cohesive argument to the other si..
Draw linear PFF representing the tradeoff between hot dogs and buns with 120 million workers available.
International trade has pros and cons. Economists generally support free trade. International trade has played a significant part in promoting economic development and technology transfer among countries. There are also various arguments in favor ..
Calculate medal shares for total medals won, for each country, by year. The medal share for country in a year is the proportion of the total number of medals awarded in that year's Olympics that is awarded to the country. To calculate the me..
What is the equilibrium price in this market and how many cups of coffee are traded in equilibrium
Assume that you became president of small theater company. Your playhouse has the 120 seats and small stage. The actors have national reputations, and demand for tickets is enormous relative to number of seats available
What is the most you would pay to call her and ask for the result? Be sure to show the decision tree that fuels your reasoning.
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
Show the change in Q if L changes from 1 to 2, and 2 to 3, and does the production function exhibit diminishing returns? If so, when does the law of diminishing returns begin to operate? Could we ever get negative returns?
You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run. How would you respond to the following scenarios?1. A surprise increase in investment spending 2. Catastrophic floods that ..
eight of contemporary marketing A case analysis states that snacking patterns have changed from 25 years ago to present day. The case analysis also states that eating habits are changing, in which people are now making smart choices rather than di..
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