In long-run competitive equilibrium-product price equals

Assignment Help Business Economics
Reference no: EM13978088

Write a small paragraph (2 or 3 sentences) to explain each of your answers

In long-run competitive equilibrium, product price equals long-run average cost and also equals long-run marginal cost. Thus, economic profit equals $0. Please explain why firms have not incentive to exit the industry.

Reference no: EM13978088

Questions Cloud

Which dispatching rule has the best score for flow time : Which dispatching rule has the best score for work-in-process (jobs in the system)? Which dispatching rule has the best score for flow time?
Determine the sample size necessary to estimate : Next year you will repeat this study. Determine the sample size necessary to estimate, with 95% confidence, the population percentage to within plus and minus 0.02 or 2%.
State the hypotheses for this problem and test it : State the hypotheses for this problem and test it. What is the probability of a type 1 error?
A college administrator wants to study the average age : Find a 95% confidence interval for the mean age of all first semester college dropouts. Interpret your results in part (a) inwords.
In long-run competitive equilibrium-product price equals : In long-run competitive equilibrium, product price equals long-run average cost and also equals long-run marginal cost. Thus, economic profit equals $0. Please explain why firms have not incentive to exit the industry.
The price effect dominates the quantity effect : Boeing estimates the elasticity of demand for new commercial jets is –1.25. Explain why the following statements are either true or false (i.e., state whether true or false and explain why.) “The price effect dominates the quantity effect.” “A 4 perc..
Experiences during great depression and financial crisis : Identify the similarities between the United? States' experiences during the Great Depression and the financial crisis of? 2007-2009. ?(Check all that? apply) Credit spreads widened and the availability of credit declined during both episodes. Both e..
Comparative advantage in producing rubber : Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Calculate the opportunity cost of producing 10 additional tons of rubber in Japan and in Malaysia. Which country has a comparat..
A computerized tutorial center at a local college : In support of your decision show the hypotheses and the value of the test statistics computed for assessing the significance level.

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