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What things are brought into equilibrium at that price

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(1) Consider the waffle industry, which is perfectly competitive.

(a) What, in general terms, does the short-run market supply curve look like for the waffle industry? Why?

(b) What, in general terms, does the long-run market supply curve look like for the waffle industry? Why?

(c) Suppose that the short-run supply curve for the waffle industry is given by Px = 2 + 2x, and the demand curve is given by Px = 10 - 2x, where Px is the market price per waffle, and x is the quantity of waffles produced and consumed. Find the short-run equilibrium price Px*. Conceptually, why is this particular number the short-run equilibrium price, that is, what things are brought into equilibrium at that price?

(d) Suppose again that we have the short-run equilibrium found in part (c), but now we also know that the long-run market supply curve is given by Px = 8. Is this short-run equilibrium found in part (c) also a long-run equilibrium? Given the information we have, what will happen in the waffle industry?

Reference no: EM132445050

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