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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 longrun 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?
Under its present policy of purchasing 5,000 sinks per order, what is Plumbing Supplies total annual inventory cost? Calculate the Economic Order Quantity for Plumbing Supplies Inc.
Why does rent control create an inefficient allocation of resources?
q.differentiate between management and leadership.describe the role and responsibilities of leaders in creating and
q.an economist claims depends on an econometric study that high profits in a certain industry are explained by that
In her economics course, Nancy has two exams. Her overall score for the course will be the maximum of her scores on the two exams. Nancy decides to spend a total of 400 minutes studying for these exams. Find the point on Nancy’s budget line that give..
Which of following is equivalent to marginal propensity to consume. If incomes increased by $20,000, government purchases are fixed at $10,000, investment spending is fixed.
What will be the complete and final impact on the GDP if the Federal government increases spending and simultaneously increases taxes to pay for the additional spending?
q1. during the late 1980s wool prices increased considerably due in part to increased demand by china and the former
American exports cheaper or more expensive for importers of U.S. goods in Great Britain. Elucidate by showing the price of a U.S. cell phone in Britain, before and after the change in the exchange rate.
How do the three equations that define general equilibrium in the AS/AS model differ (or not) when describing an economy using (i) adaptive expectations or (ii) completely credible central bank?
The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 25010P . World producers can harvest and ship coffee to U.S. distributors at a constant marginal cost of $8 per pou..
Assume the manager asks for volunteers to postpone their tour by offering increasing amounts of cash compensation until only four people want to see the caves that day.
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