Price equal to marginal revenue

Assignment Help Business Economics
Reference no: EM131548055

Are the following statements true or false? Explain your answer.

a. If a firm is profit maximizing it sets its price equal to marginal revenue.

b. The only difference between the short and long-run perfectly competitive equilibrium is that firms cannot adjust at least one input.

Reference no: EM131548055

Questions Cloud

Decline of union density and income inequality : What are the correlations between the decline of union density and income inequality.
Differences between production processes : One of the main differences between production processes among different parts of the world has to do with the quality of capital.
Characterized by perfect competition : Industry X is characterized by perfect competition, so every firm in the industry is earning zero economic profit. If the product price falls.
Develope the theory to improve the work efficiency : Scientific management theory was developed by a theorist called Frederick Taylor, he developed this theory to improve the work efficiency.
Price equal to marginal revenue : a. If a firm is profit maximizing it sets its price equal to marginal revenue.
Review the case study of a business owner : Write a summary of the case study that is about one page. Research and describe at least 3 technologies that could be used to support or enhance the business.
Likely to result in an efficient outcome : Which of the following schemes is the most likely to result in an efficient outcome?
Find eigenvalues of the sturm-liouville problem : Find all the eigenvalues and eigenfunctions of the Sturm-Liouville problem and Use the integral inner product to verify the orthogonality
The ongoing nurse shortage : The Nurse to patient ratio continues to be inefficient, as evident by the ongoing nurse shortage (including CNA).

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