Draw a long-run supply curve for haircutting in your city

Reference no: EM131139576

The Price of Haircuts. The haircutting industry in your city uses a tiny fraction of the electricity, scissors, and commercial space available on the market. In addition, the industry employs only about 100 of the 50,000 people who could cut hair.

a. Draw a long-run supply curve for haircutting in your city.

b. Suppose the initial equilibrium price of haircuts is $12. Draw demand and supply graphs to show the short-run and long-run effects

Reference no: EM131139576

Questions Cloud

The undesirable health effects of eating butter : After several months of price hikes, the price of butter reached the price observed before demand decreased. A blogger suggested that the rising price of butter was evidence of a conspiracy on the part of butter producers.

What is the amount of lorettas taxable income : Loretta incurs the following deductible expenses: $2,500 in state income taxes. She is single, no dependents, and as $40,000 AGI for the year. What is the amount of Loretta's taxable income?

Describe possible obstacles that are preventing resolution : Identify the current and unmet needs of your chosen target population, and describe the possible obstacles that are preventing resolution of the problems. What human service programs addressing the problem currently exist, and how are they helping..

Compute the inventory turnover ratios of bank of america : Using the Excel template in the Financial Ratios lesson page, compute the following financial ratios of Bank of America for the year 2015.

Draw a long-run supply curve for haircutting in your city : Suppose the initial equilibrium price of haircuts is $12. Draw demand and supply graphs to show the short-run and long-run effects

Draw a set of supply and demand curves : Suppose the long-run supply curves in the two countries have the same slope. Show the long-run effects of the increase in demand.

Examining the infrastructure for marketing management : 1.Outsourcing means a company decides what is critical to their business and they then hire others to do the less critical, or core-mission oriented tasks.2.A core competency is fairly easy for competitors to replicate in a free marketplace.

Reinforcement theory has three components : Reinforcement theory has three components: rewards, proaction, extinction. For punishment to work, it must be strong, objective, impersonal, and quick. In goal setting theory, workers must be given specific, challenging goals that they accept, and ma..

What amount is reporte for depreciation and or amortization : What amount(s) is reported for depreciation and or amortization? Describe where Net Income is shown on the Statement of Cash Flows and state the amount. Refer back to the Income Statement to verify the amounts reported for Net Income are equal.

User Account

All Pages