Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1. Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that the firm produces is given by P = 27-3Q.
a) Fill in the table below. If any of your values have decimals, you may round to only one numeral after the decimal (nearest 10th of a dollar).
Quantity of Output
Price
Total Cost
Average Total Cost
1
2
3
4
5
6
7
8
9
b) How much output will this firm produce if it maximizes profit?
c) What price should this firm charge if it wants to maximize profit?
2. Carefully explain what will happen as we move from the short run to a long run equilibrium in a monopolistically competitive industry if firms are making a positive profit in the short run. Your explanation should clearly state what will happen to the demand curve facing an individual firm and the reason why this happens.
Below are three questions. WRITE A BRIEF NOTE OF EXPLANATION IN ANSWER TO EACH PART OF EACH QUESTION. The marks awarded will depend on the quality of the reasoning exhibited and th
do you agree that according to econmy theory a business will always close if its total reveneu cover total costs
illustration for demand of big macs using indifference curve and budget line
GDP Price Level At the equilibrium level of income aggregate spending in the economy equals aggregate output. All along, we have assumed that the general price level remains un
The Production Possibilities Frontier (PPF) The PPF curve exhibits the probable combinations of goods and services accessible to an economy, given that all productive resources
Question: (a) Describe the two major developments which have led in the adoption of Import Substitution Industrialisation by Developing Countries in the 1940s/50s. (b) Ill
Illustrates the key terms of excise tax? Terms of excise tax: a. Tax incidence • Who bears the load of the tax? b. Excess burden or Deadweight loss • Taxes inflict
What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
A major component of the costs of many large firms is the cost associated with ordering and holding inventory. If the yearly demand for the good is D and the size of each order pla
International Monetary Fund: International Monetary Fund (IMF) is one of the two institutions that were established as a result of the Brettonwoods Conference in 1944, the oth
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd