Elucidate the long-run which will take place this industry

Assignment Help Business Economics
Reference no: EM1315416

Q. Numerous "hookah bars" at which patrons can pay to utilize water pipes to smoke regular also flavored tobaccos have popped-up around the country. Hookah bars are particularly popular with college student's

a. Assume which the market for the service of hookah bars is in long-run equilibrium. Then two events occur: (1) more cities end regulation which had generated fixed cost for hookah bars also (2) many nonstudent adults discover previous unknown preferences for the services of hookah bars. Utilize diagrams to trace through the short-run effects on the market price of hookah bars services, the marginal revenue also marginal cost of these services at a typical hookah bar also the equilibrium quantity of services provided both by a typical hookah bar also by the hookah bar industry.

b. Redraw your diagrams Elucidate how the situation at conclusion of your answer to part (a). Utilize these new diagrams to Elucidate the long-run which will take place in this industry.

Reference no: EM1315416

Questions Cloud

Estimating amount of labor involved in inventory stockrooms : What would you recommend Taylor do to cut back its labor cost? (Illustrate using an ABC plan.)
Creating confidence interval for mean by standard deviation : A random sample of 36 days yielded the average daily output of 890.2 tons, with standard deviation of 19.8 tons. Use this information to make a 95% confidence interval for mean.
Computing expected return and standard deviation portfolio : Computing expected return and standard deviation of portfolio and What are the weights for investing in the risk-free asset and the S&P that produce a standard deviation for the entire portfolio that is twice the standard deviation of the S&P
Using law of cosines for solving the problem : Using law of cosines for solving the problem.
Elucidate the long-run which will take place this industry : Utilize these new diagrams to Elucidate the long-run which will take place in this industry.
Advertising in oligopoly market : Using the theory of oligopoly and the concept of prisoners dilemma, explain why the cigarette companies did not cut on advertising on their own to increase their profits before the law went into effect?
Expected payoff table and expected monetary value : Using Sally's estimate of demand that follows, how many T-shirts should she produce for the upcoming event?
Good investment for an aspiring hollywood film producer : Why might leasing a new Porsche be good investment for an aspiring Hollywood film producer, even though, he can't easily afford the monthly payments.
Show income and substitution effects : Show graphically the amount of the change that is due to the substitution effect and the amount of the change that is due to the income effect.

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd