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When firms in a perfectly competitive market face the same costs, in the long run they must be operating
a) under diseconomies of scale.
b) with small, but positive, levels of profit.
c) at their efficient scale.
d) where price is equal to average fixed cost.
Would a shift in demand have a greater effect on the percentage change in equilibrium quantity for a straight-line supply curve that intersects the quantity axis or the price axis? a. Quantity axis because supply will be more elastic. b. Price axis b..
assume that government establishes a cost floor below market equilibrium for rents on how utilizing. Illustrate what will be main effects of this cost floor. Demonstrate your answer graphically.
Assume the demand for gasoline is perfectly inelastic—i.e., the demand curve is vertical. If a tax is levied on the producers of gasoline, what percentage of the tax collection would be paid by the consumers of gasoline 0% or 100%? Explain.
Arrival rate of customers and processing times of customers each have a coefficient of variation = 1.0. On average, how many customers are standing lines.
Suppose PlayStations and PlayStation games are complementary goods. Now there is a technological advance in the production of PlayStations. Use a supply/demand diagram of PlayStations market and a supply/demand diagram of PlayStation games market to ..
A sprinkler system inside of one house does not protect houses on the other side of town. It also requires the homeowner to purchase and install it prior to benefiting from it. Once installed it can help stop fires from jumping to neighboring homes.
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic? Explain..
The classical dichotomy refers to the separation of
Discuss the differences between formal and informal reports, can you describe what value such elements as documentation, page margins, headings, etc. add to the report?
Construct a PPF for a country that produces food and video games and faces increasing opportunity costs. Show how the PPF changes given the following events.
The U.S. market for hand sanitizer is controlled by a monopoly (firm I, for incumbent) that has a total cost given by TC(qi) = 0.025qi^2. The market demand for hand sanitizer is given by P = 50 – 0.1Q. Show that the monopolist would need to commit to..
The demand curve for a product is estimated to be given by the expression: q = 200 − π Calculate the price and the price elasticity of the demand for the following values of the demand: 0, 50, 100, 150 and 200. Repeat these calculations for the case ..
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