Homework Answers
A)
B) perfect competitive firm is price taker there are many number of buyers and sellers there is easy entry and exit, products are identical. Seller can sell any quantity at same price.
C) 
In perfect competition firm doesn't have market power which means it cannot influence price it is price taker as industry is price maker in perfect competition. Supply and demand curve of industry determine the price and firm can sell any quantity at this price it cannot increase or decrease price.
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(a) Draw and label an appropriate diagram showing a firm...
can I get help asap (a) Draw and label completely an appropriate diagram showing a Monopoly...
can I get help asap
(a) Draw and label completely an appropriate diagram showing a Monopoly making a loss (5 marks) (b) What actions will be taken for the monopolist to continue operating? (3 marks) (c) Using an appropriately labelled diagram show why a monopoly has power to reduce quantity and increase price. (2 marks)
Problem 1: a. Draw a situation where a perfectly competitive firm is making a loss, make sure to label loss. When should the firm shut down? (Make sure to include a market diagram). b. State and draw...
Problem 1: a. Draw a situation where a perfectly competitive firm is making a loss, make sure to label loss. When should the firm shut down? (Make sure to include a market diagram). b. State and draw a graph explaining the long run equilibrium in a perfectly competitive market. Why does the market come to rest at this point? Explain.
Problem 1: a. Draw a situation where a perfectly competitive firm is making a loss, make...
Problem 1: a. Draw a situation where a perfectly competitive firm is making a loss, make sure to label loss. When should the firm shut down? (Make sure to include a market diagram). b. State and draw a graph explaining the long run equilibrium in a perfectly competitive market. Why does the market come to rest at this point? Explain.
Question 2: Consider a firm in a perfectly competitive market that should produce a positive quantity...
Question 2: Consider a firm in a perfectly competitive market that should produce a positive quantity in the short-run, but is still earning a loss. A.) Draw the cost curves (ATC, AVC, MC, MR) for the firm. Clearly label the quantity this firm would produce. Label the loss the firm would incur. B.) Briefly explain why the MR looks the way it does and why you placed it where you did on your diagram. (How do we determine MR for...
Please explain in details with step by step solution, Thank you very much ) Assume a...
Please explain in details with step by step solution, Thank you
very much
) Assume a monopolist faces a market demand curve P 100 - 2Q and has the short-run total cost function C 640+20Q. i) What is the profit-maximizing level of output? What is the profits? Graph the marginal revenue, marginal cost, and demand curves, and show the area that (7 Marks) In Question f (i), what would price and output be if the firm priced at socially represents...
i) A profit-maximising firm faces a downward-sloping demand curve for its output and has marginal...
i) A profit-maximising firm faces a downward-sloping demand curve for its output and has marginal costs that increase with output. Show, on a single diagram, how its profit maximisation decision can be represented both in terms of a feasible set optimisation and its marginal revenue and marginal cost. Why is there a deadweight loss in this case? (5) ii) Now assume the firm is a typical firm in a perfectly competitive market. Show the firm's optimal choice alongside the...
Consider a perfectly competitive industry in which each firm i has a total cost function given...
Consider a perfectly competitive industry in which each firm i has a total cost function given by the equation: TC= 128 + 4q+2q^2. Further assume that the industry demand function is given by the following: P = 84 – 2Q. a) Describe the long run market equilibrium. That is, identify the equilibrium price and quantity, output for each firm, the number of firms in the industry and the level of producer and consumer surplus. What is the value of own...
I don't understand this Economics practice. Please help with whatever you can! In-Class Practice: a) Draw...
I don't understand this Economics practice. Please help with
whatever you can!
In-Class Practice: a) Draw a firm in Monopolistic Competition makine abnormal profits in the short run. 6) Assume these abnormal profits compel new firms to enter the market. Draw the impact that we increased number of producers has had on our firm's position in the market. c) Explain in words the position of our firm before and after the introduction of new firms into the market. a) Draw...
Draw a diagram showing a competitive firm operating with zero economic profit where P = LAC....
Draw a diagram showing a competitive firm operating with zero economic profit where P = LAC. If the price fell slightly, would the firm immediately go out of business? Why or why not? If only one firm is producing a particular product, we know that price will be above marginal cost. True or false? Explain.
PLEASE HELP WITH ALL QUESTIONS QUESTION 1 1.1 Draw a fully-labelled diagram showing the process of...
PLEASE HELP WITH ALL QUESTIONS
QUESTION 1 1.1 Draw a fully-labelled diagram showing the process of conjugation in Spirogyra. (10) 1.2 List FOUR advantages and FOUR disadvantages of algae. (8) 1.3 Name the different terrestrial biomes of the world and give one diagnostic characteristic of each biome. (12) [30] QUESTION 2 2.1 By means of a labelled diagram, describe the life cycle of an angiosperm. Use blocks of information to explain each stage. (15) 2.2 What are the advantages and...
can I get help asap
(a) Draw and label completely an appropriate diagram showing a Monopoly making a loss (5 marks) (b) What actions will be taken for the monopolist to continue operating? (3 marks) (c) Using an appropriately labelled diagram show why a monopoly has power to reduce quantity and increase price. (2 marks)
Please explain in details with step by step solution, Thank you
very much
) Assume a monopolist faces a market demand curve P 100 - 2Q and has the short-run total cost function C 640+20Q. i) What is the profit-maximizing level of output? What is the profits? Graph the marginal revenue, marginal cost, and demand curves, and show the area that (7 Marks) In Question f (i), what would price and output be if the firm priced at socially represents...
i) A profit-maximising firm faces a downward-sloping demand curve for its output and has marginal costs that increase with output. Show, on a single diagram, how its profit maximisation decision can be represented both in terms of a feasible set optimisation and its marginal revenue and marginal cost. Why is there a deadweight loss in this case? (5) ii) Now assume the firm is a typical firm in a perfectly competitive market. Show the firm's optimal choice alongside the...
I don't understand this Economics practice. Please help with
whatever you can!
In-Class Practice: a) Draw a firm in Monopolistic Competition makine abnormal profits in the short run. 6) Assume these abnormal profits compel new firms to enter the market. Draw the impact that we increased number of producers has had on our firm's position in the market. c) Explain in words the position of our firm before and after the introduction of new firms into the market. a) Draw...
Draw a diagram showing a competitive firm operating with zero economic profit where P = LAC. If the price fell slightly, would the firm immediately go out of business? Why or why not? If only one firm is producing a particular product, we know that price will be above marginal cost. True or false? Explain.
PLEASE HELP WITH ALL QUESTIONS
QUESTION 1 1.1 Draw a fully-labelled diagram showing the process of conjugation in Spirogyra. (10) 1.2 List FOUR advantages and FOUR disadvantages of algae. (8) 1.3 Name the different terrestrial biomes of the world and give one diagnostic characteristic of each biome. (12) [30] QUESTION 2 2.1 By means of a labelled diagram, describe the life cycle of an angiosperm. Use blocks of information to explain each stage. (15) 2.2 What are the advantages and...
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