Reference no: EM132198091
Question: A researcher is studying the size and number of firms in various industries.
a) In Industry A, she knows the shape of the AC curve and the MES and is able to use this to predict the average size of firms, but not their number. What possible shape(s) can the AC function take? Explain.
b) In Industry B she knows the shape of the AC curve and the MES and is able to use this to predict the number of firms, but not their size. What possible shape(s) can the AC function take? Explain.
c) In Industry C, she knows the value of the MES, which is a positive, finite number. What possible shape(s) can the AC function take? Explain.
d) In Industry D, she knows the shape of the AC curve and the value of the MES, which is a positive, finite number. She also knows the consumer demand function. But she can only infer the minimum number of firms, not the expected number of firms. What possible shape(s) can the AC function take? Explain.
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