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7. What does the industry supply curve tell us? Why is this meaningful? Explain the concept...
Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry...
Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry supply curve is not the long-run industry marginal cost curve because O A. production will only occur along the long-run marginal cost curve for prices above average variable cost. O B. at prices above the minimum long-run average cost of production, firms will exit the industry. O C. production will only occur along the long-run marginal cost curve when profits are earned. O D....
Does industry supply curve slope upward in the long run? explain.
Does industry supply curve slope upward in the long run? explain.
What does the intercept (3.3735438) tell us? Is it meaningful Select one: O a. It is...
What does the intercept (3.3735438) tell us? Is it meaningful Select one: O a. It is greater than zero, so there is a positive relationship between beds and risk. This is meaningful in this context. O b. It tells us that the lowest possible risk is 3.3735438. That is meaningful in this context c. It tells us that a hospital with 0 beds is expected to have a risk of 3.3735438. That is not meaningful in this context. O d....
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal...
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal cost curve) is P = MC = 3Q. The demand for leather hides is given by Q = 60 − P. a. Find the equilibrium market price and quantity. b. Suppose that the leather tanning releases bad stuff into waterways. The external marginal cost is $5 per unit. Calculate the socially optimal level of output and price for the tanning industry. c. What are...
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal...
Suppose that leather is sold in a perfectly competitive industry. The industry short-run supply curve (marginal cost curve) is P = MC = 3Q. The demand for leather hides is given by Q = 60 − P. a. Find the equilibrium market price and quantity. b. Suppose that the leather tanning releases bad stuff into waterways. The external marginal cost is $5 per unit. Calculate the socially optimal level of output and price for the tanning industry. c. What are...
the market supply curve and exit and entry Aplia Homework 6. The market supply curve and exit and entry Aa Aa Cons...
the market supply curve and exit and entry
Aplia Homework 6. The market supply curve and exit and entry Aa Aa Consider a perfectly competitive market for copper. Assume that all firms in the industry are identical and have the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. Assume also that it does not matter how many firms are in the industry. Tool Tip: Place the mouse cursor over orange...
#15 15. “A monopolist does not have a supply curve.” Why is this an important concept,...
#15
15. “A monopolist does not have a supply curve.” Why is this an important concept, and what is the difference from competitive sellers, who do have supply curves? 16. Why does the monopolist's marginal revenue curve lie
1. Suppose firms in a perfectly competitive, constant cost (i.e., flat LR supply curve), industry face...
1. Suppose firms in a perfectly competitive, constant cost (i.e., flat LR supply curve), industry face monthly demand given by Qp = 1000 - P and have access to a production technology that yields a cost function TC(Q:) = 40? + 100Qi + 100 where Q denotes units produced per month. Assume the only difference between short-run and long-run costs is T C(0) = 100 in the short run and TC(O) = 0 in the long run (which is consistent...
Disabled American Veterans Living Overseas anf tell us what you learned and why it was meaningful...
Disabled American Veterans Living Overseas anf tell us what you learned and why it was meaningful to you.
2 0) Draw and label a supply and demand diagram with a short run supply curve....
2 0) Draw and label a supply and demand diagram with a short run supply curve. (ii) Shift out the demand curve and show the short run effect on output and price. (iii) Show the long run effect on price by drawing a second short run supply curve. Use this short run supply curve to trace out the position of the long run supply curve. Do (). (ii) and a. a constant cost industry and b. an increasing cost industry...
Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry supply curve is not the long-run industry marginal cost curve because O A. production will only occur along the long-run marginal cost curve for prices above average variable cost. O B. at prices above the minimum long-run average cost of production, firms will exit the industry. O C. production will only occur along the long-run marginal cost curve when profits are earned. O D....
What does the intercept (3.3735438) tell us? Is it meaningful Select one: O a. It is greater than zero, so there is a positive relationship between beds and risk. This is meaningful in this context. O b. It tells us that the lowest possible risk is 3.3735438. That is meaningful in this context c. It tells us that a hospital with 0 beds is expected to have a risk of 3.3735438. That is not meaningful in this context. O d....
the market supply curve and exit and entry
Aplia Homework 6. The market supply curve and exit and entry Aa Aa Consider a perfectly competitive market for copper. Assume that all firms in the industry are identical and have the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. Assume also that it does not matter how many firms are in the industry. Tool Tip: Place the mouse cursor over orange...
#15
15. “A monopolist does not have a supply curve.” Why is this an important concept, and what is the difference from competitive sellers, who do have supply curves? 16. Why does the monopolist's marginal revenue curve lie
1. Suppose firms in a perfectly competitive, constant cost (i.e., flat LR supply curve), industry face monthly demand given by Qp = 1000 - P and have access to a production technology that yields a cost function TC(Q:) = 40? + 100Qi + 100 where Q denotes units produced per month. Assume the only difference between short-run and long-run costs is T C(0) = 100 in the short run and TC(O) = 0 in the long run (which is consistent...
2 0) Draw and label a supply and demand diagram with a short run supply curve. (ii) Shift out the demand curve and show the short run effect on output and price. (iii) Show the long run effect on price by drawing a second short run supply curve. Use this short run supply curve to trace out the position of the long run supply curve. Do (). (ii) and a. a constant cost industry and b. an increasing cost industry...
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