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Problem
On a separate piece of paper:
1. Draw the following curves for a perfectly competitive individual firm which is earning an economic profit in the short-run: Average total cost Marginal cost Marginal revenue Identify the profit maximizing output quantity and highlight or shade the area that represents the short-run profit.
2. Draw the industry supply and demand curves. Describe and graph what happens to the industry curves in response to the existence of economic profits. Show what happens to quantity and price.
3. Next show what happens to the individual firm's curves based upon the industry reaction in #2.
4. Finally describe how the analysis in #1-3 would be different if instead of this being a perfectly competitive industry, the industry is a monopoly with barriers to entry.
What effect on the price elasticity of demand for commuter rail is there probable to be from a decrease in the price of gasoline? Explain.
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The firm produced 800 units per day, it total cost will be $300, and it it produced 500 units per day, it total cost will be $275.what are the firm's ATC per unit at these three levels of production.
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Why would we expect that the price elasticity of demand for the product of an individual firm would typically be greater than the price elasticity of demand for the product overall?
create a plan for economic moat
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