Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Nov 10, 2022

3. Consider the following model for a single firm in perfect competition market, and the market supply and demand. a. Use the graph to

3. Consider the following model for a single firm in perfect competition market, and the market supply and demand. a. Use the graph to identify the firm's equilibrium price and quantity. (1 point) Price Price *ARARSI LAK RRER 416182322422 b. What is the firm's profit at this level? Highlight the area using the above graph. (2 points) MoDay c. What will occur in the long-run for this market? Show this on the new graph below. Explain briefly what will happen to the profit. (2 points) ATC 24410121416182022242230 Mions of Bay Mors of BeiDay

Step by Step Solution

★★★★★

3.60 Rating (168 Votes )

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

538453257, 978-0538453257

More Books

Students also viewed these Accounting questions

Question

★★★★★

Consider the following model to explain sleeping behavior: sleep = BQ + Bjotwrk + B2 educ + B1 age + B4 age2 + B5 yngkid + B6 male + u. (i) Write down a model that allows the variance of u to differ...

Answered: 1 week ago

Question

★★★★★

The three-factor factorial model for a single replicate is If all the factors are random, can any effects be tested? If the three-factor and () ij interactions do not exist, can all the remaining...

Answered: 1 week ago

Question

★★★★★

For the following exercises, use the graph to identify zeros and multiplicity. 11 y **** fugl

Answered: 1 week ago

Question

★★★★★

Suppose a single 802.11n client is connected to an 802.11n access point and there is no other client or access point in the neighborhood. The client senses the medium, then sends a 2000-Byte frame,...

Answered: 1 week ago

Question

★★★★★

Consider the information that is maintained by a bank. In addition to customer records, the bank maintains records on accounts and loans. Figure 1-20 and Figure 1-21 (below) are two examples of...

Answered: 1 week ago

Question

★★★★★

Consider several members of the supply chain of a company that makes plastic toy cars and trucks. Which of the five processes described in the product-process matrix is likely to be used by the...

Answered: 1 week ago

Question

★★★★★

The number of molecules that a gas contains can be described by a Poisson process with rate ????, so that in an area of ???? units the expected number of molecules is ????????. Find the probability...

Answered: 1 week ago

Question

★★★★★

GigaCo. manufactures 1-GB flash drives (jump drives). Price and cost data for a relevant range extending to 200,000 units per month are as follows: Sales price per unit (current monthly sales volume...

Answered: 1 week ago

Question

★★★★★

Macy's purchased AAA's 10-year, $100,000 bond with a 7% interest rate and a 10% yield, purchased on December 31, 2020, for $81,566. The following schedule presents the fair value of the bonds at...

Answered: 1 week ago

Question

★★★★★

Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Using the template provided, prepare a classified balance sheet for the...

Answered: 1 week ago

Question

★★★★★

Project Y requires a $327,000 investment for new machinery with a four-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. (PV...

Answered: 1 week ago

Question

★★★★★

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago

Question

★★★★★

NHIKNHAK Enterprises has determined the cost of manufacturing a unit of product as follows, based on normal production of 60,0000 units per year: Direct materials Direct labor Variable factory...

Answered: 1 week ago

Question

★★★★★

Sales Revenue $ 1 0 0 0 0 0 , Variable Costs $ 6 0 0 0 0 , Fixed Costs $ 2 0 0 0 0 . What is the

Answered: 1 week ago

Question

★★★★★

According to Wheeler (Axiom 7): "Every data set contains noise. Some data sets also contain signals. Before you can detect the signals within your data, you must filter out the noise". Explain the...

Answered: 1 week ago

Question

★★★★★

Lavazza distributes ground coffee in three supply chain channels (i = 1, 2 and 3). For each channel the demand-price relationship (in boxes) is linearly defined by the constants A1, A2 and A3 and...

Answered: 1 week ago

Question

★★★★★

Question 2 ( 1 point ) Which of the following statements is false? The following assignment statement adds the values of variables x and y and assigns the result to the variable total: total = x + y...

Answered: 1 week ago

Question

★★★★★

$10,000 was borrowed at 3.5% on July 17. The borrower repaid $5000 on August 12, and $2000 on September 18. What final payment is required on November 12 to fully repay the loan?

Answered: 1 week ago

Question

★★★★★

In Chapter 22, we briefly discussed the signaling role of educationi.e. the fact that part of the reason many people get more education is not to learn more but rather to signal high productivity to...

Answered: 1 week ago

Question

★★★★★

Suppose you are an amateur athlete and your uncle owns the cereal company Wheaties. Your uncle offers you a job working for his company at a wage of w per hour. After looking around for other jobs,...

Answered: 1 week ago

Question

★★★★★

In exercise 27.3, we considered some ways in which we can differentiate between goods that lie in between the extremes of pure private and pure public goods. A: Consider the case where there is a...

Answered: 1 week ago

Question

★★★★★

Jose was lying in bed when he suddenly realized how he might deal with a fast-approaching deadline at work. When his coworkers asked how he came up with his idea, he said, It just came to me out of...

Answered: 1 week ago

Question

★★★★★

Explain the biological bases of memory in the brain.

Answered: 1 week ago

Question

★★★★★

Explain how the constructive processing view of memory retrieval accounts for forgetting and inaccuracies in memory.

Answered: 1 week ago

Previous Question Next Question