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Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium.
A. How do you know that the industry is in long run equilibrium?
B. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
C. Show and explain the long-run adjustment process for both the firm and the industry. What will happen to the number of firms in the new long-run equilibrium?
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If the manager of impact industries decides to produce 240 units, illustrate what will the long-run total cost also long-run average cost of producing 180 units.
q.given yues utility function u xy 10x 7ynbsp1.is mrsxy diminishing constant or increasing as the consumer
Austria has a history of strong hostility to nuclear power, and over the last twenty years the Austrians have shut down all of the reactors in Austria
The Gentle Warming Company is purchasing a new cooling system. To pay for the system, the company agrees to make 12 installment payments of $8186 per year, beginning at the end of year 1.
Multiplier effects are stronger if
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Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?
Suppose aggregate supply shifts to the left by $2,000 at each price level. What happens to the economy's macro equilibrium position? Suppose aggregate demand shifts to the right by $4,000 at each price level. What happns to the economy's macro equili..
If factor-intensity reversals were indeed prevalent in the real world, how might this fact be used to explain the Leontief paradox? If this explained the paradox, would it suggest that any given U.S. trading partner stood a better chance of conformin..
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