User Account

All Pages

What is the long-run equilibrium price

Assignment Help Microeconomics
Reference no: EM13339013

Consider a perfectly competitive market with an infinite number of firms. Each firm has the following long-run average cost function: AC = q2 - 4q + 6, where q is produced quantity.

a) Derive the marginal cost function of the firm.

b) Plot the MC and AC curves in a figure.

c) Derive the quantity produced by each firm in the long-run equilibrium.

d) What is the long-run equilibrium price?

Reference no: EM13339013

Questions Cloud

At what angle to the normal does the ray enter the water : A ray of light is incident on the outer glass wall of an aquarium which have a refractive index of 1.51. If the reflected portion of the light is completely polarized at what angle to the normal does the ray enter the water
What is the magnitude and direction of their final velocity : A car (m1 = 900) moving south with a speed v1 = 25 collides with a truck (m2 = 1500) moving at an angle of 30 degrees south of west with a speed v2= 20. What is the magnitude and direction of their final velocity
Write function named enough that takes one integer argument : Write a function named "enough" that takes one integer argument, call it "goal" and returns as its value the smallest positive integer n for which 1+2+3+. . . +n is at least equal to goal .
Determine at what angle is the 4th maximum seen : Monochromatic light is incident on a diffraction grating and the first maximum is observed at an angle 5.2 degrees. At what angle is the 4th maximum seen
What is the long-run equilibrium price : Derive the quantity produced by each firm in the long-run equilibrium and what is the long-run equilibrium price
Describe quantitativley the motion of the skaters : Two skaters each of mass 50 kg approach each other along prallel paths separated by 3 m. describe quantitativley the motion of the skaters after they have become connected by the pole
Calculate the change in gravitational potential energy : If E decreases (becomes more negative), the radius r of the orbit will decrease. If air drag is relatively small, the satellite can be considered to be in a circular orbit of continually decreasing radius.
Determine the rotential inertia of a yo-yo : For each part of the following, state any assumptions used and show mathmatical dereviation before using values. determine the rotential inertia of a yo-yo about it's center
What is emission temperature of the sunlit side of ribbon : The width of the ribbon normal to a radius vector originationg at the star's center is much greater than the thickness of the ribbon in the radial direction.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd