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A firm in a purely competitive industry is currently producing1,000 unit per day at a total cost of $450. If the firm produce 800 units per days, its total cost would be $300, and if it produce 500 units per day, its total cost would be $275. What are the firm’s ATC per unit at these three levels of production? If every firm in this industry has the same cost structure, is the industry in long-run competitive equilibrium?
From what you know about these firms’ cost structures, what is the highest possible price per unit that could exist as the market prices in long-run equilibrium? If that price ends up being the market price and if the normal rate of profit is 10percent, then how big will each firm’s accounting profit per unit be?
In the following cases, explain what happens to demand or quantity demanded and how the change would be shown on a graph of the demand schedule. Assuming that tickets to an NFL game are normal goods, what is the effect of an increase in the incomes ..
Suppose that doctors’ visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors’ visits and a “composite good” that costs $1 per unit. Draw a graph that illustrates the consumer’s budget constrai..
Nonrivalry, as it relates to public goods, means that:
illustrate what is the change in Clean-Springs' profit-maximizing levels of output, price and profit. Explain in words and with graph.
If they charge same price in each market, what should be quantity sold in each market, equilibrium price and total profit.
Compare and contrast the following exchange rate systems:
suppose there are two diners. What will they order (at a Nash equilibrium)? b)suppose there are four diners. What will they order (at a Nash equilibrium)?
Why do prices in monopolistic competitive markets remain above the prices that would exist in perfectly competitive markets even in the long run after entry has eliminated above normal profits?
Padre works for a trade magazine that publishes. lists of Power-Sizing Exponents (PSE) that reflect economies of scale for developing engineering estimates of various types of equipment. Padre has been unable to find any published data on the VMIC ma..
The director of manufacturing at a clothing factory needs to determine whether a new machine is producing a particular type of cloth with s mean breaking strength of at least 70 pounds. a sample of 36 pieces of clothe shows a sample mean breaking str..
Elucidate situations which use the IS-LM-FX model to illustrate the effects of the shock. For each case, state the effect of the shock on the following variables.
Explain the nature of the winner’s curse and why it occurs in a common-value auction. Why the winner is’s cursing not a problem for private-value auctions?
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