FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am studying for my Economics test and would like help on this question. Please show all work and answer the question with precision. Thank

I am studying for my Economics test and would like help on this question. Please show all work and answer the question with precision. Thank you :)

image text in transcribed
4. Assume that a firm faces the following cost function: TC(q) = 1000 + 104:]2 Sq a. Derive the long-term supply curve for this individual firm. b. If market price is equal to p=40 what quantity would be supplied in the long run? c. Calculate profit at p=300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Economics of Money, Banking and Financial Markets

Economics of Money, Banking and Financial Markets

Authors: Frederic S. Mishkin

9th Edition

978-0321607751, 9780321599797, 321607759, 0321599799, 978-0321598905

More Books

Students also viewed these Economics questions

Question

8. How do high- (abstract) and low-level (concrete) associations differ, and what does this mean for knowledge structure? Consumer memory is the persistence of learning over time, via the storage and...

Answered: 1 week ago

Question

★★★★★
Interpretation of statements 1. How would the answer to Problem 2-32 be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods...

Answered: 1 week ago

Question

★★★★★
I am studying for my Economics test and would like help on this question. Please show all work and answer the question with precision. Thank you :) 4. Assume that a firm faces the following cost...

Answered: 1 week ago

Question

★★★★★
Suppose you have a language with only the 3 letters a, b, c, and they occur with frequencies .7, .2, .1, respectively. The following two ciphertexts were encrypted by the shift method (shifts are mod...

Answered: 1 week ago

Question

★★★★★
(Ref. Unit 7 Exercises 1 and 6) A company is considering an expansion of its product lineup. The company's CFO has the following information for this expansion project: The project has an 8-year life...

Answered: 1 week ago

Question

★★★★★
Becton Labs produces a variety of chemical compounds for commercial use. The standard mix for March's production of 60000 litres of Product X and the budgeted costs, are as follows: Liq. Chem....

Answered: 1 week ago

Question

★★★★★
CPP 6-1 Complete 4th Quarter and Year-End Payroll Reporting (#5) Complete Form W-3 for TCLH Industries (Employer Identification #44-4444444), which is located at 202 Whitmore Avenue, Durham, NC...

Answered: 1 week ago

Question

★★★★★
Below what IQ does .85 of the population fall if the mean is 100 with a standard deviation of 15? (Don't round off the IQ score.)

Answered: 1 week ago

Question

★★★★★
SproUTS Bank is about to take part in a syndicated loan that will require SproUTS bank to lend $20million as a business loan. Risk weights remain unchanged for the new business loan. SproUTS Bank...

Answered: 1 week ago

Question

★★★★★
LO13.2 Explain why monopolistic competitors earn only a normal profit in the long run.

Answered: 1 week ago

Question

★★★★★
4. Using diagrams for both the industry and a representative firm, illustrate competitive long-run equilibrium. Assuming constant costs, employ these diagrams to show how (a) an increase and (b) a...

Answered: 1 week ago

Question

★★★★★
1. When discussing pure competition, the term long run refers to a period of time long enough to allow: LO11.1 a. Firms already in an industry to either expand or contract their capacities. b. New...

Answered: 1 week ago

Previous Question Next Question