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1) Assume the market for wheat display's the following characteristics, namely many buyers and sellers, produce identical products and have no barriers to entry or exit.
(a) Assume the wheat industry starts out in the long-run competitive equilibrium. Using appropriate diagrams show how this would look like at both the industry and firm level. (Hint: Each firm is making a normal profit).
(b) Now assume there has been a permanent decrease in demand for wheat. Using appropriate diagrams explain what will happen to price and quantity for wheat at both the industry and firm level. (Hint: You need to discuss what type of profits, if any, each firm is making).
(c) With the use of appropriate diagrams, discuss the adjustment process, at both industry and firm level, to bring the market for wheat back to long-run equilibrium.
You will need to convert units to get them to cancel out with the units in the gas constant, otherwise your answer will be incorrect.) Hint: it may be helpful to convert the cube dimensions to the appropriate units before calculating the cube's vo..
Relate the ideas of Adam Smith to the moral justification of capitalism, given the logic of the theory of the competitive firm.
Pfeitzer is a monopolist for a new drug that makes people feel thinner. The total cost function is C(Q) = 100 + 12Q + 2Q 2 . The inverse demand function
In this discussion, you will explain the role of the business cycle in government and private sector decisions. Data on GDP and economic growth are considered lagging indicators because they report information on what is already known. How reliable a..
Essay identifying and describing the current state of the health care industry using the tools we have studied this semester. Your answer in terms of what you think is the socially optimal solution versus the economic least cost solution, but you mus..
Which of the following is NOT the factor affecting how elastic a demand is?
What does CIO stand for, and how does the CIO's job function fit into a firm's strategy?
There are four categories of people whose salaries are provided in my spreadsheet:
Suppose instead of imposing the $1 fixed fee, the government imposes a tax of $1 per unit of output. What happens to the optimal scale of firms? We again assume all firms are identical and any firm can enter the market.
Assume the elasticity of demand (Ed) at a price of $11 is 3.5, while the Ed at a price of $6 is equal to 1, while the Ed of a price of $3 is = .50. Explain/interpret what each of those answers means. Be thorough and be sure to discuss the impact that..
Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful, the present value of the payoff (when the product is brought to market) is $34.7 million. If the DVDR fails, the present value of the payoff is $12.7 million. If the product ..
Explain what will happen in the countries to which the immigrants return to potential GDP, employment, and the real wage rate.
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