Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below shows cost data for a rm in a perfectly competitive market. It is a constant-cost industry. The current market price is $21.

image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
The table below shows cost data for a rm in a perfectly competitive market. It is a constant-cost industry. The current market price is $21. What is the best answer for what price will be in the long run? Quantity Total Cost [$} Marginal Cost {$} _ 0 $1? O $15 0 $13 0 $15 The below table shows a payoff matrix for a one-off simultaneous-move game. Player 1, the row player. selected Up or Down. Player 2, the column player, selects Left or Right The row player's payoff is shown on the left, and the column player's on the right. Find the Nash Equilibrium. O Down, Right C) Up,Right 0 Up. Left {El Down, Left Question 10 1.5 pts The table below shows the demand and supply schedules for onions. Price ($) Quantity Demanded (units) Quantity Supplied (units) 10 200 8 60 160 6 120 120 4 180 80 2 240 40 Suppose the government imposes an $8 price ceiling on onions, what would the quantity traded in the market then become? 100 120 O 60 160Question 11 1.5 pts The table below shows the demand and supply schedules for avocados, before a tax is implemented. Price ($) Quantity Demanded (units) Quantity Supplied (units) 33 24 32 26 31 28 30 30 5 29 32 28 34 A tax of $3 per unit is imposed. What is the tax revenue that will be collected? O $120 O $168 O $84 $90

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_2

Step: 3

blur-text-image_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

Public Relations

Authors: Tom Kelleher

1st Edition

0190201479, 9780190201470

More Books

Students also viewed these Economics questions

Question

section b in picture

Answered: 1 week ago