What will be the effect of a technological development that reduces marginal costs in a competitive market

Question:

What will be the effect of a technological development that reduces marginal costs in a competitive market on short-run price, quantity, and profit?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

See More Books

Question Posted: Mar 14, 2024 04:01 AM

See More Questions

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
Review the concept of externalities from Chapter 5, page 148. If a market is a monopoly, will a negative externality in production always lead to production beyond the level of economic efficiency?...
Ann Carter, Chief Financial Officer of Consolidated Electric Company (Con El), must make a recommendation to Con Els board of directors regarding the firms dividend policy. Con El owns two...
Question 1 As at 31 December x5 the statement of financial position of Span and Cat was as follows: Ordinary shares of RM10 each Ordinary shares of RM1 each 7% preference shares of RM1 each 5.6%...
A heat transfer of 9.5 105 J is required to convert a block of ice at -15 C to water at 15 C. What was the mass of the block of ice?
What is meant by the term classified stock?
Explain the life cycle of financial plans, their role in achieving your financial goals, how to deal with special planning concerns, and the use of professional financial planners. L01
Stewart Beauf is a self-employed surfboard maker in 2018. His Schedule C net income is $125,003 for the year. He also has a part-time job and earns $15,600 in wages subject to FICA taxes. Calculate...
Please read the requirements and do those too! = Homework: CHAPTER M-8 Question 4, PM8-31B (book/static) Part 1 of 4 > HW Score: 0%, 0 of 5 points O Points: 0 of 1 : Save Cold Sports manufactures...
Draw marginal cost, marginal revenue, and average total cost curves for a typical perfectly competitive firm in long-run equilibrium and indicate the profit-maximizing level of output and total...
State what is wrong with each of the graphs. P Price What's wrong? MC AFC D = MR P Price What's wrong? MC (a) Q Quantity (b) Q Quantity D
Perform the indicated operations. 11012 + 10112
10.) Steam enters a well-insulated turbine at 6 MPa, 400C and expands to 200 kPa, saturated vapor at a rate of 10 kg/s. (a) Draw a schematic of the process (5 pts). (b) Determine the exergy...
4. [8 marks] The tides in the Bay of Fundy are some of the largest in the world. The height, h(t), of the tide in meters after t hourse can be modeled by 39 h(t) = 25 con (77) + 30 4 COS 6 (a) What...
Wolfe, Inc. had credit sales for the period of $144,000. The balance in Allowance for Doubtful Accounts is a debit of $653. If Wolfe estimates that 2% of credit sales will be uncollectible, what is...
Water at 20C is to be pumped from a reservoir (ZA = 5 m) to another reservoir at a higher elevation (ZB = 13 m) through two 36-m- long pipes connected in parallel as shown. The pipes are made of...
Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 53,000 machine-hours would...
For a sample of n = 36, find the probability of a sample mean being less than 12,750 or greater than 12,753 when = 12,750 and = 1.7. The population mean and standard deviation are given. Find the...
Tanaka Company's cost and production data for two recent months included the following: March April Production (units).........300................600 Rent.....................$1,800............$1,800...
What is meant by technological advance, as broadly defined? How does technological advance enter into the definition of the very long run? Which of the following are examples of technological...
Listed below are several possible actions by firms. Write INV beside those that reflect invention, INN beside those that reflect innovation, and DIF beside those that reflect diffusion. a. An auto...
Suppose a firm expects that a $20 million expenditure on R&D will result in a new product that will increase its revenue by a total of $30 million 1 year from now. The firm estimates that the...
A government bond matures in 30 years, makes semi-annual coupon payments of 6.0% ($120 per year) and offers a yield of 3.7% annually compounded. Assume face value is $1,000. Three years later the...
Your objective is: 1. Carry out a life insurance needs analysis, for each one of them (show your calculations) [30 Marks] 2. Refer to the case and the insurance plan quotes. Would you recommend...
TufStuff, Incorporated, sells a wide range of drums, bins, boxes, and other containers that are used in the chemical industry. One of the company s products is a heavy - duty corrosion - resistant...

What will be the effect of a technological development that reduces marginal costs in a competitive market

Question:

Step by Step Answer:

Effect of Technological Development on Marginal Costs in a Competitive Market Technological advancements that reduce marginal costs in a competitive m...View the full answer

Microeconomics

Students also viewed these Business questions