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Profit-maximizing price and quantity

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Reference no: EM132542217

A monopolistically competitive sneaker firm is currently in long run equilibrium.

  • Graph the firm in long run equilibrium. Be sure to label all of the curves and the profit-maximizing price and quantity.
  • The price of rubber decreases. Rubber is a major component in the production of sneakers. Draw a new graph that shows the change in the profit maximizing price and quantity of sneakers. Be sure to shade the area of loss or profit.
  • A perfectly competitive potato farm is currently in long run equilibrium.
  • Graph the firm in long run equilibrium. Be sure to label all of the curves and the profit maximizing price and quantity.
  • The demand for potatoes increases. Draw a new graph that shows the impact on an individual firm. Be sure to shade the area of loss or profit.
  • Draw a new graph that shows how the firm and the industry adjusts to a new long run equilibrium.
  • How did the price and quantity in part A change in Part C? Explain your response.

Reference no: EM132542217

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