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<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><meta name="description" content="Solution for Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens…"/><link rel="canonical" href="https://www.bartleby.com/questions-and-answers/suppose-that-a-firm-has-the-following-long-run-cost-curve-this-implies-a-mc-of-tc-100-q-mc-2q-this-f/63af5455-ccb9-40dd-bfb1-7246042846fb"/><title>Answered: Now suppose that there is a decrease in… | bartleby</title><script type="application/ld+json">{ "@context": "https://schema.org", "@type": [ "QAPage", "WebPage" ], "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.bartleby.com/questions-and-answers/suppose-that-a-firm-has-the-following-long-run-cost-curve-this-implies-a-mc-of-tc-100-q-mc-2q-this-f/63af5455-ccb9-40dd-bfb1-7246042846fb" }, "name": "It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]", "description": "It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]", "inLanguage": "en", "headline": "It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]", "datePublished": "2024-11-24", "dateModified": "2024-11-23", "isAccessibleForFree": "False", "hasPart": { "@type": "WebPageElement", "isAccessibleForFree": "False", "cssSelector": ".paywall" }, "mainEntity": { "@type": "Question", "name": "It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]", "text": "It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]", "answerCount": 1, "dateCreated": "2024-11-23", "acceptedAnswer": { "@type": "Answer", "text": "Approach to solving the question:Let's first solve questions 1-3:1. Long-Run Average Total Cost…" }, "url": "https://www.bartleby.com/questions-and-answers/suppose-that-a-firm-has-the-following-long-run-cost-curve-this-implies-a-mc-of-tc-100-q-mc-2q-this-f/63af5455-ccb9-40dd-bfb1-7246042846fb" } }</script><script type="application/ld+json">{ "@context": "http://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@id": "https://www.bartleby.com/", "name": "Bartleby Textbook Solutions" } }, { "@type": "ListItem", "position": 2, "item": { "@id": "https://www.bartleby.com/subject/business", "name": "Business Q&A and Textbook Solutions" } }, { "@type": "ListItem", "position": 3, "item": { "@id": "https://www.bartleby.com/subject/business/economics", "name": "Economics Q&A, Textbooks, and Solutions" } }, { "@type": "ListItem", "position": 4, "item": { "@id": "https://www.bartleby.com/subject/business/economics/questions-and-answers", "name": "Economics Q&A Library" } }, { "@type": "ListItem", "position": 5, "item": { "@id": "https://www.bartleby.com/questions-and-answers/suppose-that-a-firm-has-the-following-long-run-cost-curve-this-implies-a-mc-of-tc-100-q-mc-2q-this-f/63af5455-ccb9-40dd-bfb1-7246042846fb", "name": "Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. 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Click here to start typing your search terms">Homework help starts here!</button></div><div class="flexRow justify-center items-center ml-auto mdl:justify-start"><button class="navBar-button flex-initial mdl:hidden" tabindex="0"><img src="/static/compass_v2/learnbar/search-icon-white.svg" alt="" class="button-left-icon mr-8px"/>Search</button><button class="navBar-button flex-initial" tabindex="0"><img src="/static/compass_v2/learnbar/ask.svg" alt="" class="button-left-icon mr-8px"/>ASK AN EXPERT</button></div></div></div><div class="hidden flex-1 z-[800] bg-white h-0px navbar-transition overflow-hidden p-0px lg:flex"><div class="flex-1 flexRow justify-center items-center max-w-[1168px] w-full m-auto h-0px "><div class="flex-initial text-20px leading-24px font-semibold text-darkBlue-900 max-w-[40%] overflow-hidden text-ellipsis flex-nowrap whitespace-nowrap h-0px ">Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]</div></div></div></header></section><main id="AppLayout-Scrollable-Main-Container-ID" class="flex-1 overflow-x-hidden overflow-y-auto relative"><div><div id="QNA-PAGE-CONTENT" class="flex-col items-center bg-page px-8px md:px-16px mdl:px-32px mdl:pb-32px"><div id="QNA-PAGE-TOP-CONTENT" class="flex flex-1 w-full pt-12px bg-page mdl:pt-24px"><div id="QNA-PAGE-BREADCRUMB" class="flex flex-col flex-1 w-full max-w-1188px m-auto"><div id="QNA-PAGE-BREADCRUMB" class="flex flex-col flex-1 w-full m-auto font-sans"><div id="BREADCRUMB-ID" class="flex flex-row flex-initial items-center w-full m-auto font-sans text-blue-600 text-14px"><div class="flex flex-row flex-initial items-center shrink-0"><a href="/subject/business" class="flex-1 cursor-pointer underline" tabindex="0">Business</a><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="flex-initial text-grey-200 w-24px" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M6.41 6L5 7.41 9.58 12 5 16.59 6.41 18l6-6z"></path><path d="M13 6l-1.41 1.41L16.17 12l-4.58 4.59L13 18l6-6z"></path></svg></div><div class="flex flex-row flex-initial items-center shrink-0"><a href="/subject/business/economics" class="flex-1 cursor-pointer underline" tabindex="0">Economics</a><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="flex-initial text-grey-200 w-24px" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M6.41 6L5 7.41 9.58 12 5 16.59 6.41 18l6-6z"></path><path d="M13 6l-1.41 1.41L16.17 12l-4.58 4.59L13 18l6-6z"></path></svg></div><span class="flex-initial text-grey-500 whitespace-nowrap text-ellipsis overflow-hidden">Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]</span></div><h1 id="QNA-PAGE-H1" class="mt-16px text-24px leading-32px whitespace-nowrap overflow-hidden text-darkBlue-900 bg-page font-semibold text-ellipsis pb-16px">Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]</h1></div></div></div><div id="qa_ad_top" class="sm:h-[90px] sm:min-h-[90px] sm:min-w-[728px] sm:max-w-[970px] m-auto h-[50px] min-h-[50px] min-w-[300px] max-w-[320px]"></div><div id="QNA-PAGE-MAIN-CONTENT" class="flexColReverse w-full max-w-1188px py-24px flex-grow-0 mx-auto bg-page lg:flex-row md:py-32px"><div id="QNA-PAGE-MIDDLE-LEFT-RAIL" class="flexCol flex-initial mt-24px overflow-visible lg:w-[318px] lg:mr-32px lg:mt-0px"><div id="TEXTBOOK-MODULE-ID" class="flex-initial flex-col items-center justify-center w-full p-24px rounded-lg border-[1px] border-grey100 bg-white lg:w-[318px] overflow-hidden"><div class="flexRow overflow-hidden w-full "><div class="flexCol flex-initial justify-start items-center p-2px"><a href="https://amzn.to/3MIJEKi" target="_blank" rel="noopener noreferrer" class="flex-initial" tabindex="0"><img width="100%" height="68px" class="object-cover rounded-lg h-68px w-auto m-auto" src="https://s3.amazonaws.com/compass-isbn-assets/textbook_empty_images/small_textbook_empty.svg" alt="Microeconomic Theory" decoding="async" loading="lazy"/><button class="secondaryGhost-button flex-initial h-34px mt-8px">BUY</button></a></div><div class="flex-col w-full flex-wrap text-ellipsis overflow-hidden p-2px ml-5px"><a href="/textbooks/microeconomic-theory-12th-edition/9781337517942/solutions" target="_blank" rel="noopener noreferrer" class="flex-initial w-full text-darkBlue-900 font-semibold text-16px leading-16px text-ellipsis overflow-hidden whitespace-nowrap" tabindex="0">Microeconomic Theory</a><div class="flex-initial w-full text-14px text-grey-500 text-ellipsis overflow-hidden pt-0x">12th Edition</div><div class="flex-initial w-full text-ellipsis overflow-hidden"><span class="text-14px leading-5 text-grey-900 font-semibold">ISBN:</span><span class="text-14px leading-5 text-grey-900 font-normal ml-4px">9781337517942</span></div><div class="flex-initial w-full text-ellipsis overflow-hidden"><span class="text-14px leading-5 text-grey-900 font-semibold">Author:</span><span class="text-14px leading-5 text-grey-900 font-semibold ml-4px">NICHOLSON</span></div><div class="flex-initial w-full text-ellipsis overflow-hidden"><span class="text-14px leading-5 text-grey-900 font-semibold">Publisher:</span><span class="text-14px leading-5 text-grey-900 font-normal ml-4px">NICHOLSON</span></div></div></div><div class="flexCol w-full mt-24px"><div class="flex-initial flexRow w-full"><div class="flex-1"><div class="relative w-full overflow-hidden"><select class="relative text-grey-900 text-14px leading-20px font-semibold w-full h-48px pr-100px pl-16px text-ellipsis appearance-none bg-white rounded border-[1px] border-grey300" aria-label="problem list"><option value="0">1 Economic Models</option><option value="1">2 Mathematics For Microeconomics</option><option value="2">3 Preferences And Utility</option><option value="3">4 Utility Maximization And Choice</option><option value="4">5 Income And Substitution Effects</option><option value="5">6 Demand Relationships Among Goods</option><option value="6">7 Uncertainty</option><option value="7">8 Game Theory</option><option value="8">9 Production Functions</option><option value="9">10 Cost Functions</option><option value="10">11 Profit Maximization</option><option value="11" selected="">12 The Partial Equilibrium Competitive Model</option><option value="12">13 General Equilibrium And Welfare</option><option value="13">14 Monopoly</option><option value="14">15 Imperfect Competition</option><option value="15">16 Labor Markets</option><option value="16">17 Capital And Time</option><option value="17">18 Asymmetric Information</option><option value="18">19 Externalities And Public Goods</option></select><div style="width:-56px" class="absolute left-16px top-12px pr-8px pointer-events-none bg-white text-ellipsis overflow-hidden whitespace-nowrap"><span class="text-grey-900 text-14px 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bg-white text-ellipsis overflow-hidden whitespace-nowrap"><span class="text-grey-900 text-14px leading-20px font-semibold">Section: </span><span class="text-grey-900 text-14px leading-20px">Chapter Questions</span></div><div class="absolute text-blue-600 top-12px right-12px pointer-events-none "><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="width:24px;height:24px" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M16.59 8.59L12 13.17 7.41 8.59 6 10l6 6 6-6z"></path></svg></div></div></div></div><div class="flex-initial flexRow w-full mt-16px"><div class="relative w-full overflow-hidden"><select class="relative text-grey-900 text-14px leading-20px font-semibold w-full h-48px pr-100px pl-16px text-ellipsis appearance-none bg-white rounded border-[1px] border-grey300" aria-label="problem list"><option value="0">Problem 12.1P </option><option value="1" selected="">Problem 12.2P </option><option value="2">Problem 12.3P </option><option value="3">Problem 12.4P </option><option value="4">Problem 12.5P </option><option value="5">Problem 12.6P </option><option value="6">Problem 12.7P </option><option value="7">Problem 12.8P </option><option value="8">Problem 12.9P </option><option value="9">Problem 12.10P </option><option value="10">Problem 12.11P </option><option value="11">Problem 12.12P </option><option value="12">Problem 12.13P </option><option value="13">Problem 12.14P </option></select><div style="width:-56px" class="absolute left-16px top-12px pr-8px pointer-events-none bg-white text-ellipsis overflow-hidden whitespace-nowrap"><span class="text-grey-900 text-14px leading-20px font-semibold">Problem 12.2P </span></div><div class="absolute text-blue-600 top-12px right-12px pointer-events-none "><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="width:24px;height:24px" height="1em" width="1em" 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line-clamp-2">A: Step 1:Given data : The probability distribution table is : x01234P(x)0.10.20.3a0.05 Step 2:a) for a…</p></div></a><a href="/questions-and-answers/price-of-sweet-candy-rises-from-dollar7-to-dollar19-and-the-quantity-demanded-falls-from-94-units-to/e220f372-93ed-4e79-bb82-7b7486dfe06e" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Answer in step by step with explanation. Don't use Ai and chatgpt.</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Price Elasticity of Demand (PED)The price elasticity of demand measures how much the quantity…</p></div></a><a href="/questions-and-answers/gustav-is-indifferent-between-buying-a-dollar50-ticket-to-a-professional-baseball-game-or-a-dollar10/d44efe4f-9e16-40c1-b0c5-86dd2b56fe16" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Answer in step by step with explanation. Don't use Ai and chatgpt. Answer in all options.</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Gustav would obtain twice the marginal utility from the concert than from the baseball game First,…</p></div></a><a href="/questions-and-answers/the-following-graph-shows-average-fixed-costs-average-variable-costs-average-total-costs-and-margina/e16b3821-86ec-4f9f-9383-20abd9bd1651" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Please correct answer and don't use hand raiting</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Marginal cost - It is the additional cost a business incurs when it produces one more unit of a…</p></div></a><a href="/questions-and-answers/part-2-longer-problems-1.-suppose-the-utility-function-is-ux-y-36x12y-the-price-of-x-is-the-price-of/27e0f054-74fd-4a01-9b46-00de2c516950" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Please correct answer and don't use hand raiting</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: (b) Find the Hicksian Demands for x and yThe Hicksian demands minimize expenditure for a given…</p></div></a><a href="/questions-and-answers/labour-market-status-percentages-by-age-women-january-march-16-64-16-17-18-24-25-34-35-49-64-65-a-4./cdd7fb29-040a-498b-9a3e-d1d80289822a" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: This image shows the labour market status of women in an unspecified country from January-March.…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Here's a more detailed explanation for each part: a.) Identifying Variables A, B, and C in the Table…</p></div></a><a href="/questions-and-answers/which-of-the-following-descriptions-is-excluded-from-being-a-function-of-money-a.group-of-answer-cho/590e9a6b-4829-47c6-bf8c-501fe92b72db" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Don't copy solve asap</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Which of the following descriptions is excluded from being a function of money?Answer: A. Price…</p></div></a><a href="/questions-and-answers/ion-rising-affluence-in-china-has-not-produced-increased-happiness-there-because-o-a.-of-greater-hea/dba5e064-5e12-4fb5-9ea8-7e10dcc48640" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Please correct answer and don't used hand raiting</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: The correct answer is: b. income inequality has grown. While rising affluence in China has led to…</p></div></a><a href="/questions-and-answers/what-are-the-import-taxes-and-value-added-tax-in-australia-explain./1186b6b4-204f-43a4-ad0c-25d4c618f3c3" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: What are the import taxes and value-added tax in Australia? Explain.</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Approach to solving the question: Detailed explanation: Examples:Electronics from the United States:…</p></div></a><a href="/questions-and-answers/the-area-of-consumer-surplus-in-figure-3-would-be-represented-by-triangular-area-dollar-s-figure-3-b/14256892-4e63-4dd4-b5b1-00a700bb99ff" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: The area of consumer surplus, in Figure 3, would be represented by triangular area: $ S Figure 3 b a…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Consumer surplus is represented by the area labeled "a" on the supply and demand graph. It reflects…</p></div></a><a href="/questions-and-answers/part-c-economic-growth-for-the-following-questions-you-will-need-the-following-formula-let-xo-be-the/3447ffb1-228b-4f22-ae11-e6de6487f015" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Please correct answer and don't used hand raiting</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: a) For the ratio XB/XA after 35 years:- Initial value (X₀) = 11,000 for both countries- Country A…</p></div></a><a href="/questions-and-answers/which-one-of-the-following-is-not-a-shortcoming-of-measuring-the-economy-using-gross-domestic-produc/6ffb74b4-7ada-44e0-8eae-4f0a22f2f124" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Which one of the following is NOT a shortcoming of measuring the economy using gross domestic…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Option a) Only goods and services with a market price are included in the calculations: This option…</p></div></a><a href="/questions-and-answers/new-bridge-project-a-new-bridge-project-is-being-evaluated-at-i-5percent.-recommend-an-alternative-b/68918543-a211-474e-aa97-2051eb696040" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: not use ai please</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Step 1: Capitalized Cost (present‏‏‎ ‎worth‏‏‎ ‎of‏‏‎ ‎all‏‏‎ ‎costs‏‏‎ ‎associated‏‏‎ ‎with‏‏‎…</p></div></a><a href="/questions-and-answers/equipment-purchased-2-years-ago-by-newport-corporation-to-make-pneumatic-vibration-isolators-cost-do/2bcb632a-fc5f-4c1a-bde5-544a5f7c6d3f" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: - Equipment purchased 2 years ago by Newport Corporation to make pneumatic vibration isolators cost…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Part (a)This involves a replacement study done now (2 years after purchase).Calculate P:Since this…</p></div></a><a href="/questions-and-answers/angrist-and-krueger-1991-establish-a-relationship-between-the-quarter-of-birth-and-educational-attai/8e036bfb-9541-4be2-815b-b21d3b046a95" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Angrist and Krueger (1991) establish a relationship between the quarter of birth and educational…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Hope this helps</p></div></a><a href="/questions-and-answers/question-10-1-pts-investigative-personality-type-o-place-where-counselors-know-your-program-of-study/19d4b2c7-5947-45ac-830a-e3dd52d34094" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Question 10 1 pts Investigative personality type O Place where counselors know your program of study…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Detailed explanation:Why Other Options Don't Fit as Well:Working with numbers and information: While…</p></div></a><a href="/questions-and-answers/wired-is-a-small-manufacturer-of-usb-c-charging-cables-operating-in-a-perfectly-competitive-market.-/04e4c4d9-1710-4c4d-b2fd-0277f696aa27" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Wired is a small manufacturer of USB-C charging cables, operating in a perfectly competitive market.…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Here's a step-by-step solution with brief workings: 1. Set Price Equal to Marginal CostIn a…</p></div></a><a href="/questions-and-answers/amt-inc.-is-considering-the-purchase-of-a-digital-camera-for-maintenance-of-design-specifications-by/92bdcdf6-8dfa-4555-a768-098badc06bc9" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: AMT, Inc., is considering the purchase of a digital camera for maintenance of design specifications…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: To calculate the Present Worth (PW) of the Economic Value Added (EVA) of this equipment, we need to…</p></div></a><a href="/questions-and-answers/the-table-below-shows-real-gdp-per-capita-for-the-united-states-between-the-years-1950-2016.-real-gd/2cccae7f-e15a-44e7-b8d3-daca10195bd8" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Please correct answer and don't used hand raiting</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: a. Growth rate from 1950 to 1975Starting GDP per capita (1950) = $13,327Ending GDP per capita (1975)…</p></div></a><a href="/questions-and-answers/ill-0-to-pde-econ1000-indiividual-assignme-x-qbartley-search-file-b-search-results-for-5.-in-respons/920b7cde-1f8d-44dc-a7d5-e9366cb37765" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: ill 0 To PDE ECON1000 Indiividual assignme X Qbartley - Search File b Search results for '5. In…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Ans. 5) Given the demand and supply schedule of skateboards. Also it is been provided that price…</p></div></a><a href="/questions-and-answers/supply-and-demand-curves-war-on-drugs/1156f818-57eb-40fc-b4b3-a35c58a11908" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: supply and demand curves war on drugs</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Here's the graphical representation of the supply and demand curves for the drug market under the…</p></div></a><a href="/questions-and-answers/refer-to-the-figure-1.-the-equilibrium-price-and-quantity-for-milk-in-this-market-are-price-per-gall/c1e9287c-a51f-4b53-bd61-87192b3c0d21" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Refer to the Figure 1. The equilibrium price and quantity for milk in this market are: Price (per…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Equilibrium in a market occurs when the quantity supplied by producers equals the quantity demanded…</p></div></a><a href="/questions-and-answers/can-these-activities-be-considered-part-of-gdp-answer-the-following-statements-by-indicating-yes-or-/67f5565e-a512-45ce-9ed2-deb9db398e36" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Can these activities be considered part of GDP? Answer the followingstatements by indicating Yes or…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Approach to Solving the QuestionUnderstand GDP Definition: GDP measures the total market value of…</p></div></a><a href="/questions-and-answers/re.comcourses1548discussion_topics15749module_item_id111716-winter-greater-discussions-greater-discu/4ff38444-89c4-462d-9123-ccd5bae053cc" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: re.com/courses/1548/discussion_topics/15749?module_item_id=111716 Winter > Discussions > Discussion…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Approach to solving the question:To address the question, it's essential to first define and…</p></div></a><a href="/questions-and-answers/1.-suppose-that-you-wish-to-receive-5000-dollars-once-a-month-for-20-years-after-retirement.-you-als/b5793ceb-5359-43f1-addf-2fe1199ee87b" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: 1. Suppose that you wish to receive 5,000 dollars, once a month, for 20 years after retirement. You…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Step 1: Determine the Monthly Payment After RetirementYou want to receive $5,000 each month for 20…</p></div></a><a href="/questions-and-answers/17-a-local-club-plans-to-invest-dollar10000-to-host-a-baseball-game.-they-expect-to-sell-tickets-wor/dde4f460-f3f3-4c57-acbb-059303102397" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: #17 A local club plans to invest $10000 to host a baseball game. They expect to sell tickets worth…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: If doubt then aks. Please like.</p></div></a><a href="/questions-and-answers/davy-metal-company-produces-brass-fittings.-davys-engineers-estimate-the-production-function-represe/4e380152-0201-47a8-8288-d5b0226b30eb" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Davy Metal Company produces brass fittings. Davy’s engineers estimate the production function…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: The production function for Davy Metal Company is:Q=3500⋅L0.6⋅K0.8 where:Q = annual output (measured…</p></div></a><a href="/questions-and-answers/what-could-have-been-done-to-avoid-the-global-financial-crisisi/4ab3fdb5-4b56-45cc-af58-b3117a90ab7f" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: What could have been done to avoid the global financial crisisi?</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: The global financial crisis (GFC) of 2007-2008 was a complex event, and avoiding it would have…</p></div></a><a href="/questions-and-answers/what-is-the-evolution-of-african-governments-economic-diplomacy-since-the-post-world-war-ii-period-a/d26b7623-f829-4048-8732-11326da8ef08" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: What is the evolution of African governments' economic diplomacy since the post-World War II period…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: The evolution of African governments' economic diplomacy since the post-World War II period reflects…</p></div></a><a href="/questions-and-answers/consider-the-demand-curve-below-figure-2.-if-area-oabc-is-smaller-than-area-odef-we-may-conclude-tha/1384defe-7c8e-427e-8ffb-b32d2ac62afc" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Consider the demand curve below (figure 2). If area OABC is smaller than area ODEF, we may conclude…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Price elasticity of demand measures how sensitive the quantity demanded of a good or service is to…</p></div></a><a href="/questions-and-answers/in-the-year-6-reading-comprehension-a-weekend-in-the-lakes-why-does-the-writer-think-it-is-too-soon-/2b00354a-2259-48f8-b9b5-d08eecf9f9e7" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: in the year 6 reading comprehension, a weekend in the lakes, why does the writer think it is too…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: I hope you learned something. If you have any questions, clarifications and need more information…</p></div></a><a href="/questions-and-answers/suppose-that-at-a-given-price-level-the-following-values-exist-in-a-hypothetical-classical-economy.-/84949f9a-e8f5-4812-b4a4-346a51a04440" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Suppose that at a given price level the following values exist in a hypothetical classical economy.…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Step 1: Determine TE at the initial equilibrium level TE =.C + I + G + (X − IM )TE = 2,000 + $1,900…</p></div></a><a href="/questions-and-answers/8-write-an-anecdote-150-190-words-about-a-situation-when-you-had-to-complain.-use-one-of-these-ideas/399a53b1-b9ec-4721-af79-d7d5a1e35122" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: 8 Write an anecdote (150-190 words) about a situation when you had to complain. Use one of these…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: I reflected on my personal experience to craft a detailed and relatable anecdote. I aimed to capture…</p></div></a><a href="/questions-and-answers/6.-the-following-is-the-production-possibility-table-for-a-az-cosmetics-that-produces-cosmetics-give/a71e3e66-08cc-459b-aa94-10eb6acdff2c" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: a. Plot the production possibility curve for AX Cosmetics.b. Calculate the productivity ratio for…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Here is the production possibility curve for AZ Cosmetics. The curve illustrates the trade-off…</p></div></a><a href="/questions-and-answers/taxes-and-spending-article-i-of-the-u.s.-constitution-empowers-congress-to-lay-and-collect-taxes-dut/989f0870-493a-4ab4-8687-75441954ec27" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: TAXES AND SPENDING Article I of the U.S. Constitution empowers Congress “to lay and collect taxes,…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: To determine which statement was the most accurate, I carefully analyzed the information provided in…</p></div></a><a href="/questions-and-answers/bart-is-an-engineering-graduate-who-did-not-take-the-engineering-economy-elective-during-his-b.s.-de/d353486d-dc7d-4e9a-8fec-e66fc99a6889" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Solve this economics problem</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Single-Payment Compound Amount Let us first identify the givenLoan amount (P): $500.00 this refers…</p></div></a><a href="/questions-and-answers/the-relationship-between-the-marginal-utility-that-george-gets-from-eating-a-bag-of-cookies-and-the-/e9042692-4f7f-44db-b9c7-237e250ad538" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: The relationship between the marginal utility that George gets from eating a bag of cookies and the…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Problem 1: Marginal Utility of CookiesGiven:Price of cookies = $4 per bagGeorge receives 2 units of…</p></div></a><a href="/questions-and-answers/3.-the-table-below-shows-the-long-run-total-cost-in-thousands-of-three-firms-producing-bread-at-diff/f43dc232-9fa1-4e79-9abb-dd719ece6964" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Which firm is experiencing economies of scale? Show necessary solutions to support your claim</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: To determine which firm is experiencing economies of scale, we need to analyze how the cost per unit…</p></div></a><a href="/questions-and-answers/required-information-the-following-information-applies-to-the-questions-displayed-below.-stanley-man/9291f79b-eea8-4144-b7c3-0972f1117402" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Not use ai please</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Step 1: Sales RevenueWhat the Budget Expected: The budget assumed they would sell 1,000,000 units at…</p></div></a><a href="/questions-and-answers/the-following-is-the-production-possibility-table-for-a-az-cosmetics-that-produces-cosmetics-given-e/f204aa8a-82ad-4944-ad11-97789b056a6d" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: The following is the production possibility table for a AZ Cosmetics that produces cosmetics, given…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Here is the production possibility curve (PPC) for AX Cosmetics, illustrating the trade-offs between…</p></div></a><a href="/questions-and-answers/at-an-aggregate-output-level-of-dollar200-billion-planned-expenditure-equals-a.-dollar160-billion.-b/09072bf5-67fb-4859-8156-a5500064be1b" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Answer in step by step with explanation. Don't use Ai and chatgpt. Answer in all options. Hhhhhhh</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Introduction:In macroeconomics, the relationship between aggregate output (the total production in…</p></div></a><a href="/questions-and-answers/4.-the-egg-industry-comprises-many-firms-producing-an-identical-product.-supply-and-demand-condition/278eda8d-e55e-4a3d-a557-e92030b9c535" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Don't use ai to answer I will report you answer</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: a. Determine how many eggs each firm in the industry will produce if it wants to maximize profit.In…</p></div></a><a href="/questions-and-answers/exporting-vs-fdi-the-proximity-concentration-trade-off.-your-firm-wants-to-sell-its-product-in-each-/36c46ade-81c7-4007-b9f8-c29c2e27ea17" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Exporting vs FDI: The Proximity-Concentration Trade-Off. Your firm wants to sell its product in each…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Part a: Export Option (as a function of distance, d) The firm exports to a country located at a…</p></div></a><a href="/questions-and-answers/further-information-on-the-activities-of-the-juice-industry-in-2023-is-provided-in-table-2.1-below-i/9bcebd17-d53c-4b22-ae4d-3aa87372f425" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Further information on the activities of the Juice industry in 2023 is providedin table 2.1 below in…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: i. Personal Disposable Income (PDI) Formula: PDI=Personal Income−Direct Taxes+Government Transfer…</p></div></a><a href="/questions-and-answers/i-need-help-with-my-assignment-please-help-me-how-can-i-get-a-tutor-for-writing/3bd43215-5979-490b-aa81-a634df5fc648" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: I need help with my assignment please help me how can i get a tutor for writing</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Before you start looking for a tutor, it's important to identify what you need help with. Is it a…</p></div></a><a href="/questions-and-answers/suppose-there-are-three-internet-service-providers-isps-in-a-local-market-which-have-been-around-for/c1246404-c59a-4ce7-94f6-9f8193c7d841" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Answer in step by step with explanation.</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Based on the given scenario, the strategy of the three existing firms is that of a grim triggerGrim…</p></div></a><a href="/questions-and-answers/a-person-wins-the-lottery.-considering-economic-theory-what-is-the-impact-of-winning-the-lottery-on-/bad71a8f-f6af-4a17-a333-c578f7877640" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: A person wins the lottery. Considering economic theory, what is the impact of winning the lottery on…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Impact of Winning the Lottery on Labor Supply Winning the lottery can significantly influence an…</p></div></a><a href="/questions-and-answers/question-2-6pts-a-company-must-decide-whether-to-buy-machine-a-or-machine-b.-based-on-the-following-/d9aff1e9-7296-46fb-8eee-0d92bb6f9731" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: Please correct answer and don't use hand raiting</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Step 1: Present Worth (PW) Calculation for Machine ASince Machine A has a 3-year lifespan, it will…</p></div></a><a href="/questions-and-answers/you-have-been-asked-to-evaluate-two-alternatives-x-and-y-that-may-increase-plant-capacity-for-manufa/a63387e9-a787-4963-95e9-42ecd3d9926f" class="flex-1 w-full no-underline mx-2px mt-2px mb-24px" tabindex="0"><div class="w-full lg:max-w-[255px]"><p class="text-grey-500 flex-1 m-0 text-16px font-semibold leading-24px -tracking-0.1px pb-6px w-[100%] break-words line-clamp-2">Q: You have been asked to evaluate two alternatives, X and Y, that may increase plant capacity for…</p><p class="flex-1 m-0 text-shark text-14px leading-20px -tracking-0.1px w-[100%] break-words line-clamp-2">A: Alternative X:Initial Cost, C_X = $30,000Annual Maintenance Cost, R_X = -$15,000 per yearSalvage…</p></div></a></div></div></div></div><div id="qa_ad_sidebar" class="mt-[1rem] mx-auto mb-0 min-h-[250px] max-h-[600px] w-[300px] max-md:hidden"></div></div><div id="QNA-PAGE-MIDDLE-MAIN" class="flexCol"><div class="flex flex-col-reverse sm:flex-row sm:justify-between sm:items-center"><div class="flex flex-initial border-l-[2px] border-solid border-yellow700"><div aria-level="2" role="heading" data-section-name="Question" class="flex-initial text-20px font-semibold font-sans text-darkBlue-900 ml-8px md:text-24px">Question</div></div></div><div class="flexCol flex-initial border-[1px] mt-24px p-24px rounded-lg border-solid border-ghost bg-white"><div class="font-sans text-16px text-black leading-24px mb-24px"><p>It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all</p></div><figure class="mb-24px"><div class="relative"><img alt="Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points]" fetchpriority="high" width="590" height="225" decoding="async" data-nimg="1" style="color:transparent;max-width:100%;height:auto;max-height:540px;aspect-ratio:590 / 225" sizes="(min-width: 1320px) 788px, (min-width: 1040px) calc(88.08vw - 357px), (min-width: 860px) calc(100vw - 131px), calc(97.04vw - 74px)" srcSet="/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=16&q=75 16w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=32&q=75 32w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=48&q=75 48w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=64&q=75 64w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=96&q=75 96w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=128&q=75 128w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=256&q=75 256w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=384&q=75 384w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=640&q=75 640w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=750&q=75 750w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=828&q=75 828w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=1080&q=75 1080w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=1200&q=75 1200w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=1920&q=75 1920w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=2048&q=75 2048w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=3840&q=75 3840w" src="/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2Fvpa8tzs_processed.png&w=3840&q=75"/></div><div class="w-full mt-16px bg-cometB/30 p-8px"><span class="font-semibold text-darkBlue-900 text-12px leading-24px mr-8px">Transcribed Image Text:</span><span class=" text-darkBlue-900 text-12px leading-16px my-16px mx-0px">Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points]</span></div></figure><figure class=""><div class="relative"><img alt="Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]" loading="lazy" width="598" height="365" decoding="async" data-nimg="1" style="color:transparent;max-width:100%;height:auto;max-height:540px;aspect-ratio:598 / 365" sizes="(min-width: 1320px) 788px, (min-width: 1040px) calc(88.08vw - 357px), (min-width: 860px) calc(100vw - 131px), calc(97.04vw - 74px)" srcSet="/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=16&q=75 16w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=32&q=75 32w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=48&q=75 48w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=64&q=75 64w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=96&q=75 96w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=128&q=75 128w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=256&q=75 256w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=384&q=75 384w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=640&q=75 640w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=750&q=75 750w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=828&q=75 828w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=1080&q=75 1080w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=1200&q=75 1200w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=1920&q=75 1920w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=2048&q=75 2048w, /v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=3840&q=75 3840w" src="/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89c5a593-d93b-4074-bd97-e89bfb57a867%2F63af5455-ccb9-40dd-bfb1-7246042846fb%2F9nt6evu_processed.png&w=3840&q=75"/></div><div class="w-full mt-16px bg-cometB/30 p-8px"><span class="font-semibold text-darkBlue-900 text-12px leading-24px mr-8px">Transcribed Image Text:</span><span class=" text-darkBlue-900 text-12px leading-16px my-16px mx-0px">Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]</span></div></figure></div><div class="flex flex-initial items-center mt-24px border-l-[2px] border-solid border-yellow700"><div aria-level="2" role="heading" data-section-name="Expert Solution" class="flex-initial text-20px font-semibold font-sans text-darkBlue-900 ml-8px md:text-24px">Expert Solution</div><img class="w-24px h-24px ml-16px" src="/static/compass_v2/shared-icons/check-mark.png" alt="" decoding="async" width="24" height="24"/></div><div id="Expert-Solution" class="paywall"></div><div id="solution-summary-v2-wrapper" class="hidden relative flexCol flex-initial border-[1px] mt-24px p-24px rounded-lg border-solid border-ghost bg-white"><div class="relative"><div style="height:350px" class="relative"><div class="sticky top-[50px] bg-darkBlue600 flex flex-col p-[16px] md:p-[24px] gap-[24px] max-w-[300px] md:max-w-[450px] m-auto items-center text-center rounded-[8px] z-[800]"><div class="flex flex-col gap-[10px] items-center"><div class="text-[24px] leading-[32px] 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cursor-pointer w-[40px] justify-between"><button aria-label="Previous items" tabindex="0"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="button-icon" style="color:#5B63FE;height:14px" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M11.67 3.87L9.9 2.1 0 12l9.9 9.9 1.77-1.77L3.54 12z"></path></svg></button><button aria-label="Next items" tabindex="0"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="button-icon" style="color:#5B63FE;height:14px" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M6.23 20.23L8 22l10-10L8 2 6.23 3.77 14.46 12z"></path></svg></button></div></div><div class="relative"><ul class="flex overflow-hidden w-[100%]"><li class="m-w-[100%] list-none text-left block [&+li]:block }"><div class="flex flex-col mt-40px w-[100%] sm:flex-row"><a href="/questions-and-answers/suppose-that-each-firm-in-a-competitive-industry-has-the-following-as-the-total-cost-tc50-q2-where-q/a339dec0-909a-45cb-b054-396d71e95cb0" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Suppose that each firm in a competitive industry has the following as the Total cost: TC=50+ ½q2 Where q is an individual firm’s quantity produced. The market demand curve for this product is Demand: Q = 120 – P Where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market What is each firm’s fixed cost? What is its variable cost? At what quantity efficiency of scale would be achieved? Give the equation for each firm’s supply curve Give the equation for the market supply curve for the short run What is the equilibrium price and quantity for this market in the short run? In this equilibrium, how much does each firm produce? Is there incentive for firms to enter or exit? In the long run with free entry and exit, what is the equilibrium price and quantity in this market? In the long-run equilibrium, how many firms are in the market? I want the subparts 4,5,6 to be solved. Thank you</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/questions-and-answers/suppose-that-each-firm-in-a-competitive-industry-has-the-following-as-the-total-cost-tc50-q2-where-q/3c482750-138c-4893-8014-b82c345728ee" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Suppose that each firm in a competitive industry has the following as the Total cost: TC=50+ ½q2 Where q is an individual firm’s quantity produced. The market demand curve for this product is Demand: Q = 120 – P Where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market What is each firm’s fixed cost? What is its variable cost? At what quantity efficiency of scale would be achieved? Give the equation for each firm’s supply curve Give the equation for the market supply curve for the short run What is the equilibrium price and quantity for this market in the short run? In this equilibrium, how much does each firm produce? Is there incentive for firms to enter or exit? In the long run with free entry and exit, what is the equilibrium price and quantity in this market? In the long-run equilibrium, how many firms are in the market?</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/questions-and-answers/at-the-current-short-run-market-price-firms-will-in-the-short-run.-in-the-long-run/49f6fb74-e205-4ea4-bf5d-9a187df5279d" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Suppose there are 7 firms in this industry, each of which has the cost curves previously shown.</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a></div></li><li class="m-w-[100%] list-none text-left hidden }"><div class="flex flex-col mt-40px w-[100%] sm:flex-row"><a href="/questions-and-answers/assume-that-a-competitive-firm-has-the-total-cost-function-tc1q340q2880q2000-t-c-1-q-3-40-q-2-880-q-/480a4a6c-3531-490a-8884-348bf34debb1" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Assume that a competitive firm has the total cost function: TC=1q3−40q2+880q+2000 T C = 1 q 3 - 40 q 2 + 880 q + 2000 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Create tables (but do not use calculus) with columns representing cost, revenue, and profit to find a solution. How many units should the firm produce to maximize profit? Please specify your answer as an integer. What is the total profit at the optimal output level? Please specify your answer as an integer.</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/questions-and-answers/chrome-file-edit-view-history-bookmarks-people-tab-window-help-41percent-4-tue-646-pm-ocean-connect-/32c8e735-b238-4a70-ba05-149ae9e4cddf" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Suppose that each firm in a competitive industry has the following costs: where q is an individual firm’s quantity produced. The market demand curve for this product is where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. What is each firm’s fixed cost? What is its variable cost? Give the equation for average total cost. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity? Give the equation for each firm’s supply curve. Give the equation for the market supply curve for the short run in which the number of firms is fixed. What is the equilibrium price and quantity for this market in the short run? In this equilibrium, how much does each firm produce? Calculate each firm’s profit or loss. Is there incentive for firms to enter or exit? In the long run with…</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/questions-and-answers/use-the-orange-points-square-symbol-to-plot-the-initial-short-run-industry-supply-curve-when-there-a/86fb7b27-26ad-47ed-befb-f001831b4cc4" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. (? 80 72 64 56 48 ATC 40 32 24 AVC 16 MC O + + + + + 4 8 12 16 20 24 28 32 36 40 QUANTITY (Thousands of pounds) COSTS (Dollars per pound)</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a></div></li><li class="m-w-[100%] list-none text-left hidden }"><div class="flex flex-col mt-40px w-[100%] sm:flex-row"><a href="/questions-and-answers/2.-suppose-that-a-perfectly-competitive-firm-uses-two-inputs-to-produce-one-output.-the-conditional-/5af74cc1-2e5b-45c5-b446-b48829d5fcc0" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">2. Suppose that a perfectly competitive firm uses two inputs to produce one output. The conditional factor demand functions for this firm are as follows: x1(W1, W2, y) = (2w2/w;)/3y*/3 x2(W1, W2, y) = (w1/2w2)²/3y4/3 a) Find the cost function. b) Using the cost function, setup the firm's profit maximization problem and find the supply function. c) Using the supply function, derive the factor demand functions.</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/questions-and-answers/1.-emad-is-a-lettuce-supplier-in-a-perfectly-competitive-lettuce-market-in-kuwait.-if-the-demand-for/a24ab3f6-ace0-4666-aa6f-30cb73195d37" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait is given by: Qo = 40,000 – 10,000P, Where Q is the quantity of lettuce boxes and P is the price of a lettuce box. In the short-run, Emad's has the following total cost function for his production of lettuce: TCimad = 0.25Q +Q +3 Assume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs. Answer the following questions: e. wnat is tne market suppiy tunction in the short-run? 1. What is the short-run equilibrium price and equilibrium quantity in this market? g. Draw a rough sketch of the market demand and supply functions, showing the optimal point and all intersections with the horizontal and vertical axes. h. What is the demand function for Emad's lettuce in the short-run?</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/questions-and-answers/1.-there-are-10-firms-in-this-market.-each-firm-has-the-following-long-run-cost-function-tc-200-0.5q/88c78146-3155-4231-bbc0-f1392bbb984b" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Do it, ty</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a></div></li><li class="m-w-[100%] list-none text-left hidden }"><div class="flex flex-col mt-40px w-[100%] sm:flex-row"><a href="/questions-and-answers/use-the-orange-points-square-symbol-to-plot-the-short-run-industry-supply-curve-when-there-are-20-fi/fdd1e54e-7cbf-4c82-894a-5240ad3a19c6" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">Consider the perfectly competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 18, 80 80 72 64 56 ATC 48 40 32 24 16 AVC 8 + MC O 3 12 15 18 21 24 27 30 QUANTITY OF OUTPUT (Thousands of pounds) COSTS (Dollars per pound)</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/solution-answer/chapter-19-problem-191p-microeconomic-theory-12th-edition/9781337517942/a-firm-in-a-perfectly-competitive-industry-has-patented-a-newprocess-for-making-widgets-the-new/d1a42eb5-98ca-4ca2-bed7-4e062fca8fc5" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">A firm in a perfectly competitive industry has patented a newprocess for making widgets. The new process lowers the firm’saverage cost, meaning that this firm alone (although still aprice taker) can earn real economic profits in the long run. a. If the market price is $20 per widget and the firm’s marginalcost is given by MC=0.4q , where q is the dailywidget production for the firm, how many widgets willthe firm produce? b. Suppose a government study has found that the firm’snew process is polluting the air and estimates the socialmarginal cost of widget production by this firm to be. If the market price is still $20, what is thesocially optimal level of production for the firm? Whatshould be the rate of a government-imposed excise tax tobring about this optimal level of production? c. Graph your results.</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a><a href="/questions-and-answers/rikell-company-produces-helmets-using-labor-l-and-capital-k.-its-production-function-is-given-by-the/a2ae87f9-c586-4509-9f25-bebf44c6027e" class="mr-24px" tabindex="0"><div class="mb-20px m-w-[100%] w-[250px] no-underline border-[1px] border-solid border-grey100 p-[16px] md:mb-0px md:w-[318px] m-h-[134px] leading-24px hover:bg-banner-info"><div class="odd:mr-0px flex items-end justify-between w-[100%]"><div class="flex overflow-hidden h-[100px] "><div style="display:-webkit-box;-webkit-box-orient:vertical;-webkit-line-clamp:4" class="m-w-[350px] text-16px overflow-hidden text-grey-500">3.</div></div><div class="flex ml-24px text-darkBlue900 text-24px"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" style="color:#5B63FE" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M12 4l-1.41 1.41L16.17 11H4v2h12.17l-5.58 5.59L12 20l8-8z"></path></svg></div></div></div></a></div></li></ul><div class="flex items-baseline justify-center mb-40px"><div class="block md:hidden text-blue-400"><button tabindex="0"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="button-icon" style="width:14px" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M11.67 3.87L9.9 2.1 0 12l9.9 9.9 1.77-1.77L3.54 12z"></path></svg></button></div><ul class="flex flex-row justify-center items-center mt-[20px] ps-[40px] "><li class="cursor-pointer list-disc w-15px text-[35px] ml-[9px] text-blue-400"></li><li class="cursor-pointer list-disc w-15px text-[35px] ml-[9px] text-iron"></li><li class="cursor-pointer list-disc w-15px text-[35px] ml-[9px] text-iron"></li><li class="cursor-pointer list-disc w-15px text-[35px] ml-[9px] text-iron"></li><div class="w-[100%] text-center justify-center absolute flex items-center right-0 cursor-pointer text-blue-400 font-semibold -tracking-[0.2px] hover:underline md:w-auto max-md:bottom-[-38px]" tabindex="0" role="link">SEE MORE QUESTIONS</div></ul><div class="block md:hidden text-blue-400"><button tabindex="0"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="button-icon" style="width:14px" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M6.23 20.23L8 22l10-10L8 2 6.23 3.77 14.46 12z"></path></svg></button></div></div></div></div><div class="mt-45px md:mt-48px"><div class="flex items-center justify-between"><div class="block 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mt-8px"><div class="font-semibold mr-8px text-14px">Author:</div><div class="text-grey-500 text-14px overflow-hidden text-ellipsis whitespace-nowrap">James R. 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Harris</div></div><div class="flex items-center mt-8px"><div class="font-semibold mr-8px text-14px">Publisher:</div><div class="text-grey-500 text-14px overflow-hidden text-ellipsis whitespace-nowrap">Cengage Learning</div></div></div></div></div></div></li></div><div class="flex overflow-scroll mt-40px md:hidden"><div class="min-w-[80%] mr-[40px] sm:min-w-[45%] md:min-w-[50%] mdl:min-w-[30%] md:m-0"><div class="flex"><img class="m-5px h-[146px] w-[113px] md:m-0 md:mr-16px" src="https://s3.amazonaws.com/compass-isbn-assets/textbook_empty_images/small_textbook_empty.svg" alt="Microeconomic Theory" loading="lazy" decoding="async"/><div class="w-[70%] mdl:w-[56%]"><a href="/textbooks/microeconomic-theory-12th-edition/9781337517942/solutions" class="text-16px font-semibold leading-24px cursor-pointer no-underline text-grey-900 hover:no-underline" tabindex="0">Microeconomic Theory</a><div class="flex items-center mt-8px text-grey-500 text-14px"><div class="w-12px h-12px bg-green50 rounded-[50%] flex items-center justify-center mr-8px"><div class="w-4px h-4px bg-green300 rounded-[50%]"></div></div>Economics</div><div class="flex items-center mt-8px"><div class="font-semibold mr-8px text-14px">ISBN:</div><div class="text-grey-500 text-14px overflow-hidden text-ellipsis whitespace-nowrap">9781337517942</div></div><div class="flex items-center mt-8px"><div class="font-semibold mr-8px text-14px">Author:</div><div class="text-grey-500 text-14px overflow-hidden text-ellipsis whitespace-nowrap">NICHOLSON</div></div><div class="flex items-center mt-8px"><div class="font-semibold mr-8px text-14px">Publisher:</div><div class="text-grey-500 text-14px overflow-hidden text-ellipsis whitespace-nowrap">Cengage</div></div></div></div></div><div class="min-w-[80%] mr-[40px] sm:min-w-[45%] md:min-w-[50%] mdl:min-w-[30%] md:m-0"><div class="flex"><img class="m-5px h-[146px] w-[113px] md:m-0 md:mr-16px" src="https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif" alt="Managerial Economics: Applications, Strategies an…" loading="lazy" decoding="async"/><div class="w-[70%] mdl:w-[56%]"><a href="/textbooks/managerial-economics-applications-strategies-and-tactics-mindtap-course-list-14th-edition/9781305506381/solutions" class="text-16px font-semibold leading-24px cursor-pointer no-underline text-grey-900 hover:no-underline" tabindex="0">Managerial Economics: Applications, Strategies an…</a><div class="flex items-center mt-8px text-grey-500 text-14px"><div class="w-12px h-12px bg-green50 rounded-[50%] flex items-center justify-center mr-8px"><div class="w-4px h-4px bg-green300 rounded-[50%]"></div></div>Economics</div><div class="flex items-center mt-8px"><div class="font-semibold mr-8px text-14px">ISBN:</div><div class="text-grey-500 text-14px overflow-hidden text-ellipsis whitespace-nowrap">9781305506381</div></div><div class="flex items-center mt-8px"><div class="font-semibold mr-8px text-14px">Author:</div><div class="text-grey-500 text-14px overflow-hidden text-ellipsis whitespace-nowrap">James R. 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What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing\non your two figures from Q4. You don't need to calculate the new numbers. [3 points]\n[Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]\n6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?\nHow many firms will exist in the market in the Long-Run? [3 points]","smallImageUrl":"https://content.bartleby.com/qna-images/question/89c5a593-d93b-4074-bd97-e89bfb57a867/63af5455-ccb9-40dd-bfb1-7246042846fb/vpa8tzs_thumbnail.png","imageUrl":"https://content.bartleby.com/qna-images/question/89c5a593-d93b-4074-bd97-e89bfb57a867/63af5455-ccb9-40dd-bfb1-7246042846fb/vpa8tzs_processed.png","width":590,"height":225},{"id":"e3073ede-3ab4-43f0-a1f2-3cf2c451abd5","ocr":"Suppose that a firm has the following Long-Run Cost Curve:\nThis implies a MC of:\nTC = 100+ Q²\nMC = 2Q\nThis firm is part of a perfectly competitive market, made up of many identical firms.\nThe Demand in this market is: Q = 200-p\nSuppose that these firms begin in Long-Run Equilibrium.\n1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]\n2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]\n3. How many firms exist in the market (N) in the Long-Run? [2 points]\n4. 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Long-Run Average Total Cost…","previewAnswer":true,"hasMicroExplainers":false,"certified":false,"hasVideo":false},"isOwned":false,"isRestricted":false,"exactMatch":null,"parentQuestion":null,"isBlocked":false,"followUpQuestions":[],"defaultTopicAdded":false,"inReview":false,"isUnlocked":false,"practicePacks":[],"solutionSummaryDetails":{"imagesCount":1,"stepsCount":2,"hasVideo":false,"isPopular":false,"aiSummary":null},"isAiResponse":false,"isAiResponseAccepted":null,"answerSource":"COURSE_HERO","fullAnswerDisplayed":false,"isGoogleBot":false},"qnaStats":{"numberOfUpVotes":0,"numberOfDownVotes":0,"numberOfStars":null,"shouldShowRating":false,"pageViews":null},"followUpQuestions":[],"liveChatSupport":{"isLiveChatEnabled":false,"id":"d0f5bf57-4459-11e8-a2ac-0eefbb92016e","title":"Economics","shortName":"economics","waitQueueTooLong":false},"shouldHideFollowUpForCurrentSubject":false,"questionHeaderText":"Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","acceptedAnswerText":"","isBookshelved":false,"bookmarks":[],"questionText":"Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","qnaQuestionXmlSchemaData":{"@context":"https://schema.org","@type":["QAPage","WebPage"],"mainEntityOfPage":{"@type":"WebPage","@id":"https://www.bartleby.com/questions-and-answers/suppose-that-a-firm-has-the-following-long-run-cost-curve-this-implies-a-mc-of-tc-100-q-mc-2q-this-f/63af5455-ccb9-40dd-bfb1-7246042846fb"},"name":"It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","description":"It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","inLanguage":"en","headline":"It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","datePublished":"2024-11-24","dateModified":"2024-11-23","isAccessibleForFree":"False","hasPart":{"@type":"WebPageElement","isAccessibleForFree":"False","cssSelector":".paywall"},"mainEntity":{"@type":"Question","name":"It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","text":"It wont let me submit again since they dont know how to do the 2nd part without the first, please please try do them all Now suppose that there is a decrease in this firms Cost function to now be equal to:This implies a MC of:TC = 100+ 0.50²MC = Q5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawingon your two figures from Q4. You don't need to calculate the new numbers. [3 points][Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.]6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run?How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve:This implies a MC of:TC = 100+ Q²MC = 2QThis firm is part of a perfectly competitive market, made up of many identical firms.The Demand in this market is: Q = 200-pSuppose that these firms begin in Long-Run Equilibrium.1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point]2. What quantity does each firm produce in Long-Run Equilibrium? [3 points]3. How many firms exist in the market (N) in the Long-Run? [2 points]4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figureshould have the Supply and Demand for the full market. The second figure has the individualcost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","answerCount":1,"dateCreated":"2024-11-23","acceptedAnswer":{"@type":"Answer","text":"Approach to solving the question:Let's first solve questions 1-3:1. Long-Run Average Total Cost…"},"url":"https://www.bartleby.com/questions-and-answers/suppose-that-a-firm-has-the-following-long-run-cost-curve-this-implies-a-mc-of-tc-100-q-mc-2q-this-f/63af5455-ccb9-40dd-bfb1-7246042846fb"}},"breadcrumbXmlSchemaData":{"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.bartleby.com/","name":"Bartleby Textbook Solutions"}},{"@type":"ListItem","position":2,"item":{"@id":"https://www.bartleby.com/subject/business","name":"Business Q\u0026A and Textbook Solutions"}},{"@type":"ListItem","position":3,"item":{"@id":"https://www.bartleby.com/subject/business/economics","name":"Economics Q\u0026A, Textbooks, and Solutions"}},{"@type":"ListItem","position":4,"item":{"@id":"https://www.bartleby.com/subject/business/economics/questions-and-answers","name":"Economics Q\u0026A Library"}},{"@type":"ListItem","position":5,"item":{"@id":"https://www.bartleby.com/questions-and-answers/suppose-that-a-firm-has-the-following-long-run-cost-curve-this-implies-a-mc-of-tc-100-q-mc-2q-this-f/63af5455-ccb9-40dd-bfb1-7246042846fb","name":"Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]"}}]},"solutionVideoXmlSchemaData":null,"topicVideoXmlSchemaData":null,"qnaBreadcrumbProps":{"breadcrumbWithH1Props":{"h1Text":"Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","breadcrumbProps":{"parts":[{"name":"Business","linkProps":{"href":"/subject/business","isExternal":true},"shouldShrinkSlowly":true,"onClickGtmEvent":{"event":"Clicked on Q\u0026A Solution Breadcrumb","location":{"name":"Q\u0026A Solution Page"}}},{"name":"Economics","linkProps":{"href":"/subject/business/economics","isExternal":true},"shouldShrinkSlowly":true,"onClickGtmEvent":{"event":"Clicked on Q\u0026A Solution Breadcrumb","location":{"name":"Q\u0026A Solution Page"}}},{"name":"Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]","shouldShrinkSlowly":false}]}}},"qnaSample":{"id":"0001df4e-0149-41a5-9213-b09e38129dbe","url":"/questions-and-answers/if-the-price-ceiling-of-a-good-is-set-at-the-equalibrium-price-is-it-non-binding/0001df4e-0149-41a5-9213-b09e38129dbe","slug":"if-the-price-ceiling-of-a-good-is-set-at-the-equalibrium-price-is-it-non-binding"},"sampleQnaIHrefAndAs":"/questions-and-answers/if-the-price-ceiling-of-a-good-is-set-at-the-equalibrium-price-is-it-non-binding/0001df4e-0149-41a5-9213-b09e38129dbe#undefined","knowledgeBoosterProps":{"knowledgeBoosterIntroData":{"iconSrc":"/static/compass_v2/subjects/business/economics.svg","subjectCopy":"economics"},"ceLinks":[],"recommendedTextbooksData":{"popularTextBooks":[{"subject":"Economics","isbn13":"9781337517942","author":"NICHOLSON","publisher":"Cengage","bookTitle":"Microeconomic Theory","smallImage":"https://s3.amazonaws.com/compass-isbn-assets/textbook_empty_images/small_textbook_empty.svg","textbookLinkProps":{"href":"/textbooks/microeconomic-theory-12th-edition/9781337517942/solutions"}},{"subject":"Economics","isbn13":"9781305506381","author":"James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris","publisher":"Cengage Learning","bookTitle":"Managerial Economics: Applications, Strategies an…","smallImage":"https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif","textbookLinkProps":{"href":"/textbooks/managerial-economics-applications-strategies-and-tactics-mindtap-course-list-14th-edition/9781305506381/solutions"}}],"seeMoreTextBooksHref":"/search?scope=Textbooks\u0026q=Economics\u0026subject=Economics\u0026page=1"},"hasSimilarQuestions":true,"hasConceptExplainers":false,"hasPopularTextbooks":true,"dcsRecommendations":[{"questionUrl":{"href":"/questions-and-answers/suppose-that-each-firm-in-a-competitive-industry-has-the-following-as-the-total-cost-tc50-q2-where-q/a339dec0-909a-45cb-b054-396d71e95cb0"},"questioText":"Suppose that each firm in a competitive industry has the following as the Total cost: TC=50+ ½q2\n\nWhere q is an individual firm’s quantity produced.\n \nThe market demand curve for this product is\nDemand: Q = 120 – P\nWhere P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market\n \n\nWhat is each firm’s fixed cost? What is its variable cost?\nAt what quantity efficiency of scale would be achieved?\nGive the equation for each firm’s supply curve\nGive the equation for the market supply curve for the short run\nWhat is the equilibrium price and quantity for this market in the short run?\nIn this equilibrium, how much does each firm produce? Is there incentive for firms to enter or exit?\nIn the long run with free entry and exit, what is the equilibrium price and quantity in this market?\nIn the long-run equilibrium, how many firms are in the market?\n\n \nI want the subparts 4,5,6 to be solved. Thank you"},{"questionUrl":{"href":"/questions-and-answers/suppose-that-each-firm-in-a-competitive-industry-has-the-following-as-the-total-cost-tc50-q2-where-q/3c482750-138c-4893-8014-b82c345728ee"},"questioText":"Suppose that each firm in a competitive industry has the following as the Total cost: TC=50+ ½q2\n\nWhere q is an individual firm’s quantity produced.\n \nThe market demand curve for this product is\nDemand: Q = 120 – P\nWhere P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market\n \n\nWhat is each firm’s fixed cost? What is its variable cost?\nAt what quantity efficiency of scale would be achieved?\nGive the equation for each firm’s supply curve\nGive the equation for the market supply curve for the short run\nWhat is the equilibrium price and quantity for this market in the short run?\nIn this equilibrium, how much does each firm produce? Is there incentive for firms to enter or exit?\nIn the long run with free entry and exit, what is the equilibrium price and quantity in this market?\nIn the long-run equilibrium, how many firms are in the market?"},{"questionUrl":{"href":"/questions-and-answers/at-the-current-short-run-market-price-firms-will-in-the-short-run.-in-the-long-run/49f6fb74-e205-4ea4-bf5d-9a187df5279d"},"questioText":"Suppose there are 7 firms in this industry, each of which has the cost curves previously shown."},{"questionUrl":{"href":"/questions-and-answers/assume-that-a-competitive-firm-has-the-total-cost-function-tc1q340q2880q2000-t-c-1-q-3-40-q-2-880-q-/480a4a6c-3531-490a-8884-348bf34debb1"},"questioText":"Assume that a competitive firm has the total cost function: TC=1q3−40q2+880q+2000 T C = 1 q 3 - 40 q 2 + 880 q + 2000 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Create tables (but do not use calculus) with columns representing cost, revenue, and profit to find a solution.\n \nHow many units should the firm produce to maximize profit? Please specify your answer as an integer.\n \nWhat is the total profit at the optimal output level? Please specify your answer as an integer."},{"questionUrl":{"href":"/questions-and-answers/chrome-file-edit-view-history-bookmarks-people-tab-window-help-41percent-4-tue-646-pm-ocean-connect-/32c8e735-b238-4a70-ba05-149ae9e4cddf"},"questioText":"Suppose that each firm in a competitive industry has the following costs:\n\n\n \n\n \n\n\n\nwhere q is an individual firm’s quantity produced. The market demand curve for this product is\n\n\n \n\n \n\n\n\nwhere P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market.\n\n\nWhat is each firm’s fixed cost? What is its variable cost? Give the equation for average total cost.\n\n\nGraph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity?\n\n\nGive the equation for each firm’s supply curve.\n\n\nGive the equation for the market supply curve for the short run in which the number of firms is fixed.\n\n\nWhat is the equilibrium price and quantity for this market in the short run?\n\n\nIn this equilibrium, how much does each firm produce? Calculate each firm’s profit or loss. Is there incentive for firms to enter or exit?\n\n\nIn the long run with…"},{"questionUrl":{"href":"/questions-and-answers/use-the-orange-points-square-symbol-to-plot-the-initial-short-run-industry-supply-curve-when-there-a/86fb7b27-26ad-47ed-befb-f001831b4cc4"},"questioText":"Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical\nand faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.\n(?\n80\n72\n64\n56\n48\nATC\n40\n32\n24\nAVC\n16\nMC O\n+\n+\n+\n+\n+\n4\n8\n12\n16\n20\n24\n28\n32\n36\n40\nQUANTITY (Thousands of pounds)\nCOSTS (Dollars per pound)"},{"questionUrl":{"href":"/questions-and-answers/2.-suppose-that-a-perfectly-competitive-firm-uses-two-inputs-to-produce-one-output.-the-conditional-/5af74cc1-2e5b-45c5-b446-b48829d5fcc0"},"questioText":"2. Suppose that a perfectly competitive firm uses two inputs to produce one output. The\nconditional factor demand functions for this firm are as follows:\nx1(W1, W2, y) = (2w2/w;)/3y*/3\nx2(W1, W2, y) = (w1/2w2)²/3y4/3\na) Find the cost function.\nb) Using the cost function, setup the firm's profit maximization problem and find the\nsupply function.\nc) Using the supply function, derive the factor demand functions."},{"questionUrl":{"href":"/questions-and-answers/1.-emad-is-a-lettuce-supplier-in-a-perfectly-competitive-lettuce-market-in-kuwait.-if-the-demand-for/a24ab3f6-ace0-4666-aa6f-30cb73195d37"},"questioText":"1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait is\ngiven by:\nQo = 40,000 – 10,000P,\nWhere Q is the quantity of lettuce boxes and P is the price of a lettuce box.\nIn the short-run, Emad's has the following total cost function for his production of lettuce:\nTCimad = 0.25Q +Q +3\nAssume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs.\nAnswer the following questions:\ne.\nwnat is tne market suppiy tunction in the short-run?\n1.\nWhat is the short-run equilibrium price and equilibrium quantity in this market?\ng. Draw a rough sketch of the market demand and supply functions, showing the optimal point and all\nintersections with the horizontal and vertical axes.\nh. What is the demand function for Emad's lettuce in the short-run?"},{"questionUrl":{"href":"/questions-and-answers/1.-there-are-10-firms-in-this-market.-each-firm-has-the-following-long-run-cost-function-tc-200-0.5q/88c78146-3155-4231-bbc0-f1392bbb984b"},"questioText":"Do it, ty"},{"questionUrl":{"href":"/questions-and-answers/use-the-orange-points-square-symbol-to-plot-the-short-run-industry-supply-curve-when-there-are-20-fi/fdd1e54e-7cbf-4c82-894a-5240ad3a19c6"},"questioText":"Consider the perfectly competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is\nidentical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.\n18, 80\n80\n72\n64\n56\nATC\n48\n40\n32\n24\n16\nAVC\n8\n+\nMC O\n3\n12\n15\n18\n21\n24\n27\n30\nQUANTITY OF OUTPUT (Thousands of pounds)\nCOSTS (Dollars per pound)"},{"questionUrl":{"href":"/solution-answer/chapter-19-problem-191p-microeconomic-theory-12th-edition/9781337517942/a-firm-in-a-perfectly-competitive-industry-has-patented-a-newprocess-for-making-widgets-the-new/d1a42eb5-98ca-4ca2-bed7-4e062fca8fc5"},"questioText":"A firm in a perfectly competitive industry has patented a newprocess for making widgets. The new process lowers the firm’saverage cost, meaning that this firm alone (although still aprice taker) can earn real economic profits in the long run. a. If the market price is $20 per widget and the firm’s marginalcost is given by MC=0.4q , where q is the dailywidget production for the firm, how many widgets willthe firm produce? b. Suppose a government study has found that the firm’snew process is polluting the air and estimates the socialmarginal cost of widget production by this firm to be. If the market price is still $20, what is thesocially optimal level of production for the firm? Whatshould be the rate of a government-imposed excise tax tobring about this optimal level of production? c. Graph your results."},{"questionUrl":{"href":"/questions-and-answers/rikell-company-produces-helmets-using-labor-l-and-capital-k.-its-production-function-is-given-by-the/a2ae87f9-c586-4509-9f25-bebf44c6027e"},"questioText":"3."},{"questionUrl":{"href":"/questions-and-answers/6.-suppose-that-there-are-two-identical-firms-in-the-silver-mining-industry.-the-cost-curve-of-each-/7b289d7d-604f-4b83-bd62-cea3cd483bfc"},"questioText":"6. Suppose that there are two identical firms in the silver mining industry. The cost curve of\neach firm is C(Q) = 0.25Q². Quantity (Q) is measured in troy ounces per day. Demand per\nday for silver is QD = 408 - 8P where price (P) is measured in dollars per troy ounce.\na)\nIf the two firms are price takers, then what are the supply curves of each firm?\nWhat is the industry supply curve?\nb)\nIf the two firms behave as price takers, then what will be the price and quantity that\nclear the market?\nd)\nc) If the firms formed a cartel, then what would be the marginal cost of the cartel?\nIf the cartel is a monopolist, then what price will the cartel charge for silver? What\nquantity will it sell? Illustrate the demand, marginal revenue and marginal cost\ncurves in a diagram.\nAssume that the firms in the cartel divide the production and the profits equally.\ne)\nWhat are the profits of an individual firm in the cartel?\nf)\nSuppose that firm 1 “cheats\" on the cartel by producing 2 more ounces than its…"},{"questionUrl":{"href":"/questions-and-answers/assume-that-a-firm-in-a-competitive-market-faces-the-following-cost-information.-if-the-market-price/aba7cbf5-6fcf-49ed-a49b-d4eff3579069"},"questioText":"Assume that a firm in a competitive market faces the following cost information. If the market price for this firm's product is $40, calculate the profit maximizing level of output for this firm using marginal analysis. It may help to create your own cost table and fill in columns for Marginal Cost and Average Total Cost based on the Total Cost information below. \n\na.What is the level of profit for this firm at the profit maximizing output? \nb.To convince yourself that the quantity you found is indeed the profit maximizing quantity, try calculating what the profit would be at the next higher level of output. What did you find? \nc. What do you predict will happen in this market over the long run?"},{"questionUrl":{"href":"/questions-and-answers/consider-a-competitive-firm-that-has-access-to-a-technology-described-by-the-following-production-fu/631f3351-0ac3-492d-9233-07509125bdc1"},"questioText":"1"},{"questionUrl":{"href":"/questions-and-answers/suppose-a-goods-quantity-demanded-is-q-8000-10p-and-market-supply-q-5p-2000-and-the-market-is-compet/72884233-9e44-4be8-aec9-106c25ec94d5"},"questioText":"Suppose a good's quantity demanded is QD = 8000 – 10p and market supply QS = 5p + 2000, and the market is\ncompetitive and in long-run equilibrium. Suppose then that the demand curve shifts upwards, so\nQD = 11,000 - 10p. Assuming we are in a constant cost industry and all firms have the same cost function, what\nwill be the new short-run price and the new long-run price?\nO a. short-run: p = 400, long-run: p 600\nO b. short-run: p = 600, long-run: p = 400\nO c. short-run: p = 500, long-run: p = 1000\nO d. short-run: p = 800, long-run: p = 600\nClear my choice\nMicrosoft is selling a one-of-a-kind software program for which they have no competitors. The demand they face for\ntheir product is q = 1000 – 5p. Their cost function is C(q) = 1000 (Each copy of the program has zero marginal\ncost). How many copies do they sell?\nO a. 100\nO b. 250\nO c. 400\nO d. 500"},{"questionUrl":{"href":"/questions-and-answers/1.-consider-two-firms-that-produce-a-single-output-good-y-using-two-inputs-capital-k-and-labor-l.-th/f083a5bd-be71-4c58-abc5-0060d84bb817"},"questioText":"1. Consider two firms that produce a single output good,\ny, using two inputs: Capital, K, and labor, L. the\nprices of each unit of capital and labor are r and w,\nrespectively. The output good y sells for $p per unit.\nFirm A's production function is y = fa(K,L) = K4 L14.\nThe profit function is thus:\nDA(K,L) = K4 L'1/4 – rK -wL\na. Find the profit maximizing levels of K and L as\nfunctions of r, w, and p."},{"questionUrl":{"href":"/questions-and-answers/two-firms-a-and-b-produce-identical-product-crude-oil-for-instance-have-the-same-cost-curves-shown-o/0892984b-fa89-4674-948e-6583e39547a5"},"questioText":"Please answer in 10 minute"},{"questionUrl":{"href":"/questions-and-answers/there-are-100-bakeries-producing-bread-at-a-neighbourhood-with-10000-households.-each-households-dem/6ffc779f-e413-46e7-a6f1-cd71170acb52"},"questioText":"there are 100 bakeries producing bread at a neighbourhood with 10,000 households. each household's demands curve is given by p = 5 - yD where yD refers to a hundred loaves of bread, and p is in dollars per loaf. each bakery faces the same short-run and long-run cost function c(y)= y2 + 41. Find the Short Run equilibrium price and quantity per bakery shop and per individual.2. Find the Long Run equilibrium quantity of loaves of bread and the number of bakery shops. Determine also how much each loaves of bread each individual will consume"},{"questionUrl":{"href":"/questions-and-answers/4.-a-firm-manufactures-outputs-y-and-32-using-two-inputs-and-22.-the-production-function-is-y-y2-fx-/cb1b1cca-e375-4820-bb34-9ab8298e8b12"},"questioText":"Ma3.\nPlease give only typed answer."},{"questionUrl":{"href":"/questions-and-answers/demand-curve-faced-by-the-firm-is-p-230-4q-where-q-q1-q2-total-cost-equations-for-the-two-plants-are/1b9bb98b-7b69-4b5a-a870-97fbc65cc818"},"questioText":"Could I have help. I’m not understanding how to find the mc’s"},{"questionUrl":{"href":"/questions-and-answers/a-catering-company-producing-fruit-ice-in-the-tandy-school-has-a-production-function-q-10minkl-where/c46a5e26-b879-404b-a4ac-819cedc996c2"},"questioText":"A catering company producing fruit ice, in the Tandy school, has a\nproduction function q = 10min(k,l), where k is capital and 1 is labor. a. 15% If v\n= 81000 and w = 500 and P = 8600, where v, w, and P are as per the\nlecture notes, how many units of fruit ice will be produced and how\nmuch profit will be obtained?\nb. 10% Draw the supply curve for this catering company."},{"questionUrl":{"href":"/questions-and-answers/suppose-that-each-firm-in-a-competitive-industry-has-the-following-costs-total-cost-tc-50-12q2-margi/3ee44498-1c73-447f-8153-4cdc3f77d782"},"questioText":"Suppose that each firm in a competitive industry has the following costs:\n\nTotal cost: TC = 50 + 1/2q2\nMarginal cost: MC = q\nWhere q is an individual firm’s quantity produced. The market demand curve for the product is:\nDemand: QD = 120 – P\nWhere P is the price and Q is the total quantity of the good. Currently there are 9 firms in the market.\n\nWhat is each firm’s fixed cost? What is its variable cost? Give the equation for average total cost.\nGraph the average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is the average-total-cost curve at its minimum? What is the marginal cost and average total cost at that quantity?\nGive the equation for each firm’s supply curve.\nGive the equation for the market supply curve for the short run in which the number of firms is fixed.\nWhat is the equilibrium price and quantity for the market in the short run?\nIn this equilibrium, how much does each firm produce? Calculate the firm’s profit and loss. Do firms have…"},{"questionUrl":{"href":"/questions-and-answers/a-firm-in-a-perfectly-competitive-market-has-a-cost-function-defined-by-c-50-40q0.5q2.-hint-given-th/4b4e1cdc-de18-4223-a124-8cbbb32849fc"},"questioText":"A firm in a perfectly competitive market has a cost function defined by C = 50 + 40q+0.5q^2. (Hint:\nGiven this cost function, Marginal Cost = 40 + q.) Consider a short-run situation where the current\nmarket price is $45. Which of the following statements is CORRECT?\nO At a price of $45, the firm will be making loss of $77.5. Given the cost function, the firm will lose $50 in fixed\ncosts. Therefore, the firm should shut down since the loss incurred by operating is more than the loss incurred\nfrom fixed costs.\nO At a price of $45, the firm will be making loss of $37.5. Given the cost function, the firm will lose $50 in fixed\ncosts from shutting down. Therefore, the firm should continue to produce as long as the loss incurred by\noperating is less than the loss incurred from fixed costs.\nO At a price of $45, the firm will earn revenue of $225 and so it should continue to produce.\nO At a price of $45, the firm will be making a loss of $37.5 and so it should shut down."},{"questionUrl":{"href":"/questions-and-answers/b-i-consider-total-cost-and-total-revenue-given-in-the-following-table-quantity-total-cost-dollar-1-/193da8f0-e8d1-4036-afda-f1a1be5ce6ab"},"questioText":"Consider total cost and total revenue given in the following table:\nTABLE IN IMAGE\nCalculate profit for each quantity. How much should the firm produce to maximize profit?(ii) Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points betweenwhole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2½.) At what quantitydo these curves cross? How does this relate to your answer to part (a)?(iii) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in along-run equilibrium? (8.75)"},{"questionUrl":{"href":"/questions-and-answers/in-the-short-run-at-a-market-price-of-dollar20-per-air-freshener-this-firm-will-choose-to-produce-ai/2eb9ef66-1b4c-4ee0-9513-ee854bfb97b6"},"questioText":"Suppose that the market for air fresheners is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in\nthis market.\n(?\n36\nProfit or Loss\n32\n28\n24\n20\nATC\n16\n12\nAVC\n8\nMC\n4\n2\n4\n6\n8\n10\n12\n14\n16\n18\n20\nQUANTITY (Thousands of air fresheners)\nIn the short run, at a market price of $20 per air freshener, this firm will choose to produce\nair fresheners per day.\nOn the previous graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $20 and\nthe firm chooses to produce the quantity you already selected.\nNote: In the following question, you should enter a positive number in the numeric entry field.\nоо\n40\nPRICE (Dollars per air freshener)"},{"questionUrl":{"href":"/questions-and-answers/1.-imagine-that-youve-just-landed-a-job-as-a-market-analyst-and-your-initial-assignment-is-to-analyz/60c25cf4-43ac-46e3-94d9-317ead8c4fb8"},"questioText":"can you help me solve this question thank you"},{"questionUrl":{"href":"/questions-and-answers/usands-of-shirts-at-the-current-short-run-market-price-firms-will-in-the-short-run.-in-the-long-run/103f35eb-ac78-4fc5-a5bc-f3f239d94195"},"questioText":"For second graph; suppose there are 10 firms in this industry, each of which has the cost curves previously shown."},{"questionUrl":{"href":"/questions-and-answers/suppose-that-each-firm-in-a-competitive-industry-has-the-following-costs-totalcosttc5012q2-marginalc/ecc6d43c-a30e-4c08-9028-250222d10b47"},"questioText":"Suppose that each firm in a competitive industry has the following costs:\nTotalcost:TC=50+1/2q2\nMarginalcost:MC=q\nwhere q is an individual firm's quantity produced. The market demand curve for this product is\nDemand:QD=120−P\nwhere P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market.a. What is each firm's fixed cost? What is its variable cost? Give the equation for average total cost.b. Graph average-total-cost curve and the marginal-cost curve for qfrom 5 to 15. Atwhat quantity is average-total-cost curve at its minimum? What is marginal cost and averagetotal cost at that quantity?c. Give the equation for each firm's supply curve.d. Give the equation for the market supply curve for the short run in which the number of firms is fixed.e. What is the equilibrium price and quantity for this market in the short run?f. In this equilibrium, how much does each firm produce? Calculate each firm's profit or loss. Is there incentive for firms to…"},{"questionUrl":{"href":"/questions-and-answers/which-of-the-following-best-explains-why-a-firm-in-a-competitive-price-taker-market-must-take-the-pr/e5401fb7-1fb7-48c6-a207-ed684308dea2"},"questioText":"Which of the following best explains why a firm in a\ncompetitive price-taker market must take the price determined\nin the market?\nThe short-run average total costs of firms that are price takers will\nbe constant.\nO If a price taker increased its price, consumers would buy from other\nsuppliers.\nO Firms in a price-taker market will have to advertise in order to\nincrease sales.\nThere are no good substitutes for the product supplied by a firm\nthat is a price taker."},{"questionUrl":{"href":"/questions-and-answers/suppose-a-firm-has-a-fixed-cost-of-fgreater-0-and-a-constant-marginal-cost-of-cgreater-0.-what-can-w/f0fe9a47-35b3-44f6-a526-44a7f87e8913"},"questioText":"Suppose a firm has a fixed cost of F \u003e 0 and a constant marginal cost of c\u003e 0. What can we infer\nabout the short run and long run supply curves?\nBoth the short run and long run supply curves will be downward sloping.\nBoth the short run and long run supply curves will be upward sloping.\nThe short run supply curve will be upward sloping, but the long run supply curve will be\ndownward sloping.\nO The short run and long run supply curves will be identical.\nO None of the above."},{"questionUrl":{"href":"/questions-and-answers/for-each-price-in-the-following-table-use-the-graph-to-determine-the-number-of-lamps-this-firm-would/f18e3c1d-b767-441d-9845-dbafb206b41f"},"questioText":"Then, plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output."},{"questionUrl":{"href":"/questions-and-answers/two-firms-a-and-b-produce-identical-product-crude-oil-for-instance-have-the-same-cost-curves-shown-o/f0d1a8fc-3a41-40b4-be1a-c056e7b44a37"},"questioText":"Please solve in 20 minute"},{"questionUrl":{"href":"/questions-and-answers/the-wheat-industry-is-comprised-of-many-firms-producing-an-identical-product.-market-demand-and-supp/444fc175-ab81-42f3-8ce2-8fdb85cb142b"},"questioText":"The wheat industry is comprised of many firms producing an identical product. Market demand and supply conditions are indicated in the left-hand panel of the figure attached; the long-run cost curves of a wheat farmer are shown in the right-hand panel. Currently, the market price for wheat is $2 per pound, and at that price, consumers are purchasing 800,000 pounds of wheat per day.\n \nUsing the graphs attached, answer the following:\n \na. How many pounds of wheat will each farmer produce if they want to maximize profits?\nb. How many farmers are currently serving the industry (fractional numbers are fine)?\nc. In the long run, what will the equilibrium price of wheat be? Briefly explain your answer."},{"questionUrl":{"href":"/questions-and-answers/9-d-d-d-d-suppose-the-market-for-peaches-is-perfectly-competitive.-the-short-run-average-total-cost-/7d8de71f-a732-411d-8bd9-d69cf27494ec"},"questioText":"1-\u003e\nO\nO\nO\nO\nSuppose the market for peaches is perfectly competitive. The short-run average total cost and marginal cost of\ngrowing peaches for an individual grower are illustrated in the figure to the right.\nAssume that the market price for peaches is $6.50 per box. What is the profit-maximizing quantity for\npeach growers to produce? boxes. (Enter your response as an integer.)\nAt this level of output, profit will be $. (Enter your response rounded to the nearest dollar.)\nPeach growers will earn positive economic profit in the short run at any market price above $ per box. (Enter your\nresponse rounded to one decimal place.)\nPrice (dollars per box)\n10-\n9-\n8-\n7-\n6-\n4-\n3-\n2-\n1\n0\nMC\nATC\n10 20 30 40\n40 50 60 70 80 90 100\nOutput (boxes of peaches per day)\nQ\nNext"},{"questionUrl":{"href":"/questions-and-answers/d.-now-assume-the-market-price-is-dollar5.50-per-pair-and-buddies-produces-the-profit-maximizing-qua/5b7f2643-c1ef-4e51-897f-64d3365e4107"},"questioText":"The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that\nproduces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per\npair.\nBuddies Production Costs\nQuantity\nMC\nATC\nof Ear Buds\n($)\n($)\n20\n1.00\n25\n2.00\n1.20\n30\n2.46\n1.41\n35\n3.51\n1.71\n40\n4.11\n2.01\n45\n5.43\n2.39\n50\n5.99\n2.75\n55\n8.47\n3.27"},{"questionUrl":{"href":"/questions-and-answers/a-firm-has-a-linear-demand-function-for-its-product.-when-the-price-of-the-product-is-sh.220-the-qua/90e1cf76-b542-46f8-963e-1b52fbe8d459"},"questioText":"A firm has a linear demand function for its product. When the price of the product isSh.220, the quantity demanded is 40 units. When the price increases to Sh.240, thequantity demanded becomes 30 units. In addition, the firm’s marginal cost function isgiven by:MC = 40q – 2q2 + 2Fixed cost = Sh.5 millionWhere q = quantity demanded, MC = marginal cost (Sh. million)Evaluate the level of output that maximizes profits."},{"questionUrl":{"href":"/questions-and-answers/lorushka-is-a-profit-maximizing-firm-producing-wooden-dolls-which-it-can-produce-and-sell-in-its-hom/8d334473-7e38-4772-b0b5-4d131d5c4c4c"},"questioText":"Torushka is a profit maximizing firm producing wooden dolls, which it can produce and sell in its home country, Russia, and abroad in France. The\naverage cost (AC) curve on the following graph represents Igrushka's cost of producing wooden dolls within one factory, whether in Russia or in\nFrance.\nCOST (Dollars per wooden doll)\n10\n9\n0\nD\n10\n20 30 40 50 60 70\n80\nQUANTITY (Thousands of wooden dolls)\nAC\n90 100\n?\n←"},{"questionUrl":{"href":"/questions-and-answers/5.-short-run-supply-and-long-run-equilibrium-consider-the-competitive-market-for-rhodium.-assume-tha/7058d10a-5808-49bc-bcb6-033b7963c9ea"},"questioText":"Short-run supply and long-run equilibrium Consiber the competitive market for rhodium. Assume that no matter how many firms operate in the induatry, every firm is identical and faces the same marpinal cost (MC), averapt total cost (ATC), and average variable cost (AVC ) curves plotted in the following praph. The following graph plots the market demand curve for thodium. If there were 10 firms in this market, the short-run equilibrium price of rhodium would be per pound. At that price, firms in this industry would. Therefore, in the long run, firms would the rhodium market. Because you know that competitive firms earn economic profit in the long run, you know the long-run equilibrium price must be per pound. From the graph, you can see that this means there will be firms operating in the rhodium industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns positive accounting profit. True False"},{"questionUrl":{"href":"/questions-and-answers/a-small-firm-operating-in-a-purely-competitive-market-has-fixed-costs-of-dollar45-per-day-compensate/258cb0ca-3d77-4b62-8878-911a0d52af39"},"questioText":"A small firm operating in a purely competitive market has fixed costs of $45 per day compensates each employee $96 per day and has daily input and raw material costs as indicated in the table below. A. What would be the profit maximizing level of production if demand increased such that each unit sold for $130?, will the company make an economic profit producing this quantity of output? \nb: suppose the demand significantly decreased so that price for a unit of ouput sold to $115 each. What should the firm do? Why?"}],"gtmPageLocation":{"name":"Knowledge Booster"},"newlyPublishedQnaZippies":[]},"stickyHeaderProps":{"text":"Now suppose that there is a decrease in this firms Cost function to now be equal to: This implies a MC of: TC = 100+ 0.50² MC = Q 5. What happens to firm's prices and Long-Run profits in the Short-Run? Answer this drawing on your two figures from Q4. You don't need to calculate the new numbers. [3 points] [Note: You can calculate Long-Run profits using Long-Run costs, even in the Short-Run.] 6. What will the new Long-Run price be? What quantity will each firm produce in the Long-Run? How many firms will exist in the market in the Long-Run? [3 points] Suppose that a firm has the following Long-Run Cost Curve: This implies a MC of: TC = 100+ Q² MC = 2Q This firm is part of a perfectly competitive market, made up of many identical firms. The Demand in this market is: Q = 200-p Suppose that these firms begin in Long-Run Equilibrium. 1. What is this firm's Long-Run Average Total Costs (LRAC) as a function of Q? [1 point] 2. What quantity does each firm produce in Long-Run Equilibrium? [3 points] 3. How many firms exist in the market (N) in the Long-Run? [2 points] 4. Draw what Long-Run Equilibrium looks like in this market with two figures. The first figure should have the Supply and Demand for the full market. The second figure has the individual cost curves, MC and LRAC, for this firm. Include the quantities produced on each. [2 points]"},"followUpQuestionProps":[],"qnaVideoProps":{"video":null,"topicVideo":null,"questionId":"63af5455-ccb9-40dd-bfb1-7246042846fb","qnaHref":{"href":"/account/registration"}},"textbookModuleProps":{"bookInfoProps":{"shouldShowAbbreviatedView":true,"isbn13":"9781337517942","title":"Microeconomic Theory","authors":"NICHOLSON","publisher":"NICHOLSON","edition":"12th Edition","bookCoverImageUrl":"https://s3.amazonaws.com/compass-isbn-assets/textbook_empty_images/small_textbook_empty.svg","bookUrl":"/textbooks/microeconomic-theory-12th-edition/9781337517942/solutions","bookExternalUrl":"https://amzn.to/3MIJEKi"},"tocSelectorProps":{"isbn13":"9781337517942","isHighSchool":false,"tbsSlug":"microeconomic-theory-12th-edition","selectedChapterIndex":11,"chaptersAndSections":{"defaultValue":"11","defaultChildValue":"11-0","options":[{"text":"Economic Models","textPrefix":"1","chapterSequenceText":"1","sectionSequenceText":"","value":"0","children":[]},{"text":"Mathematics For 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the number of cars the top Sales…","answer":"Step 1:Given data : The probability distribution table is : x01234P(x)0.10.20.3a0.05 Step 2:a) for a…","href":"/questions-and-answers/question-2-the-following-probability-distribution-table-shows-the-number-of-cars-the-top-sales-agent/3cac2a13-5cde-4f39-b2a3-01021f4dd178"},{"question":"Answer in step by step with explanation.\nDon't use Ai and chatgpt.","answer":"Price Elasticity of Demand (PED)The price elasticity of demand measures how much the quantity…","href":"/questions-and-answers/price-of-sweet-candy-rises-from-dollar7-to-dollar19-and-the-quantity-demanded-falls-from-94-units-to/e220f372-93ed-4e79-bb82-7b7486dfe06e"},{"question":"Answer in step by step with explanation.\nDon't use Ai and chatgpt.\nAnswer in all options.","answer":"Gustav would obtain twice the marginal utility from the concert than from the baseball game First,…","href":"/questions-and-answers/gustav-is-indifferent-between-buying-a-dollar50-ticket-to-a-professional-baseball-game-or-a-dollar10/d44efe4f-9e16-40c1-b0c5-86dd2b56fe16"},{"question":"Please correct answer and don't use hand raiting","answer":"Marginal cost - It is the additional cost a business incurs when it produces one more unit of a…","href":"/questions-and-answers/the-following-graph-shows-average-fixed-costs-average-variable-costs-average-total-costs-and-margina/e16b3821-86ec-4f9f-9383-20abd9bd1651"},{"question":"Please correct answer and don't use hand raiting","answer":"(b) Find the Hicksian Demands for x and yThe Hicksian demands minimize expenditure for a given…","href":"/questions-and-answers/part-2-longer-problems-1.-suppose-the-utility-function-is-ux-y-36x12y-the-price-of-x-is-the-price-of/27e0f054-74fd-4a01-9b46-00de2c516950"},{"question":"This image shows the labour market status of women in an unspecified country from January-March.…","answer":"Here's a more detailed explanation for each part: a.) Identifying Variables A, B, and C in the Table…","href":"/questions-and-answers/labour-market-status-percentages-by-age-women-january-march-16-64-16-17-18-24-25-34-35-49-64-65-a-4./cdd7fb29-040a-498b-9a3e-d1d80289822a"},{"question":"Don't copy solve asap","answer":"Which of the following descriptions is excluded from being a function of money?Answer: A. Price…","href":"/questions-and-answers/which-of-the-following-descriptions-is-excluded-from-being-a-function-of-money-a.group-of-answer-cho/590e9a6b-4829-47c6-bf8c-501fe92b72db"},{"question":"Please correct answer and don't used hand raiting","answer":"The correct answer is: b. income inequality has grown. While rising affluence in China has led to…","href":"/questions-and-answers/ion-rising-affluence-in-china-has-not-produced-increased-happiness-there-because-o-a.-of-greater-hea/dba5e064-5e12-4fb5-9ea8-7e10dcc48640"},{"question":"What are the import taxes and value-added tax in Australia? Explain.","answer":"Approach to solving the question: Detailed explanation: Examples:Electronics from the United States:…","href":"/questions-and-answers/what-are-the-import-taxes-and-value-added-tax-in-australia-explain./1186b6b4-204f-43a4-ad0c-25d4c618f3c3"},{"question":"The area of consumer surplus, in Figure 3, would be represented by triangular area:\n$\nS\nFigure 3\nb\na…","answer":"Consumer surplus is represented by the area labeled \"a\" on the supply and demand graph. It reflects…","href":"/questions-and-answers/the-area-of-consumer-surplus-in-figure-3-would-be-represented-by-triangular-area-dollar-s-figure-3-b/14256892-4e63-4dd4-b5b1-00a700bb99ff"},{"question":"Please correct answer and don't used hand raiting","answer":"a) For the ratio XB/XA after 35 years:- Initial value (X₀) = 11,000 for both countries- Country A…","href":"/questions-and-answers/part-c-economic-growth-for-the-following-questions-you-will-need-the-following-formula-let-xo-be-the/3447ffb1-228b-4f22-ae11-e6de6487f015"},{"question":"Which one of the following is NOT a shortcoming of measuring the economy using gross domestic…","answer":"Option a) Only goods and services with a market price are included in the calculations: This option…","href":"/questions-and-answers/which-one-of-the-following-is-not-a-shortcoming-of-measuring-the-economy-using-gross-domestic-produc/6ffb74b4-7ada-44e0-8eae-4f0a22f2f124"},{"question":"not use ai please","answer":"Step 1: Capitalized Cost (present‏‏‎ ‎worth‏‏‎ ‎of‏‏‎ ‎all‏‏‎ ‎costs‏‏‎ ‎associated‏‏‎ ‎with‏‏‎…","href":"/questions-and-answers/new-bridge-project-a-new-bridge-project-is-being-evaluated-at-i-5percent.-recommend-an-alternative-b/68918543-a211-474e-aa97-2051eb696040"},{"question":"-\nEquipment purchased 2 years ago by Newport Corporation to make pneumatic vibration isolators cost…","answer":"Part (a)This involves a replacement study done now (2 years after purchase).Calculate P:Since this…","href":"/questions-and-answers/equipment-purchased-2-years-ago-by-newport-corporation-to-make-pneumatic-vibration-isolators-cost-do/2bcb632a-fc5f-4c1a-bde5-544a5f7c6d3f"},{"question":"Angrist and Krueger (1991) establish a relationship between the quarter of birth and\neducational…","answer":"Hope this helps","href":"/questions-and-answers/angrist-and-krueger-1991-establish-a-relationship-between-the-quarter-of-birth-and-educational-attai/8e036bfb-9541-4be2-815b-b21d3b046a95"},{"question":"Question 10\n1 pts\nInvestigative personality type\nO Place where counselors know your program of study…","answer":"Detailed explanation:Why Other Options Don't Fit as Well:Working with numbers and information: While…","href":"/questions-and-answers/question-10-1-pts-investigative-personality-type-o-place-where-counselors-know-your-program-of-study/19d4b2c7-5947-45ac-830a-e3dd52d34094"},{"question":"Wired is a small manufacturer of USB-C charging cables, operating in a perfectly competitive market.…","answer":"Here's a step-by-step solution with brief workings: 1. Set Price Equal to Marginal CostIn a…","href":"/questions-and-answers/wired-is-a-small-manufacturer-of-usb-c-charging-cables-operating-in-a-perfectly-competitive-market.-/04e4c4d9-1710-4c4d-b2fd-0277f696aa27"},{"question":"AMT, Inc., is considering the purchase of a digital camera for maintenance of design\nspecifications…","answer":"To calculate the Present Worth (PW) of the Economic Value Added (EVA) of this equipment, we need to…","href":"/questions-and-answers/amt-inc.-is-considering-the-purchase-of-a-digital-camera-for-maintenance-of-design-specifications-by/92bdcdf6-8dfa-4555-a768-098badc06bc9"},{"question":"Please correct answer and don't used hand raiting","answer":"a. Growth rate from 1950 to 1975Starting GDP per capita (1950) = $13,327Ending GDP per capita (1975)…","href":"/questions-and-answers/the-table-below-shows-real-gdp-per-capita-for-the-united-states-between-the-years-1950-2016.-real-gd/2cccae7f-e15a-44e7-b8d3-daca10195bd8"},{"question":"ill\n0\nTo\nPDE ECON1000 Indiividual assignme X\nQbartley - Search\nFile\nb Search results for '5. In…","answer":"Ans. 5) Given the demand and supply schedule of skateboards. Also it is been provided that price…","href":"/questions-and-answers/ill-0-to-pde-econ1000-indiividual-assignme-x-qbartley-search-file-b-search-results-for-5.-in-respons/920b7cde-1f8d-44dc-a7d5-e9366cb37765"},{"question":"supply and demand curves war on drugs","answer":"Here's the graphical representation of the supply and demand curves for the drug market under the…","href":"/questions-and-answers/supply-and-demand-curves-war-on-drugs/1156f818-57eb-40fc-b4b3-a35c58a11908"},{"question":"Refer to the Figure 1. The equilibrium price and quantity for milk in this market are:\nPrice (per…","answer":"Equilibrium in a market occurs when the quantity supplied by producers equals the quantity demanded…","href":"/questions-and-answers/refer-to-the-figure-1.-the-equilibrium-price-and-quantity-for-milk-in-this-market-are-price-per-gall/c1e9287c-a51f-4b53-bd61-87192b3c0d21"},{"question":"Can these activities be considered part of GDP? Answer the followingstatements by indicating Yes or…","answer":"Approach to Solving the QuestionUnderstand GDP Definition: GDP measures the total market value of…","href":"/questions-and-answers/can-these-activities-be-considered-part-of-gdp-answer-the-following-statements-by-indicating-yes-or-/67f5565e-a512-45ce-9ed2-deb9db398e36"},{"question":"re.com/courses/1548/discussion_topics/15749?module_item_id=111716\nWinter \u003e Discussions \u003e Discussion…","answer":"Approach to solving the question:To address the question, it's essential to first define and…","href":"/questions-and-answers/re.comcourses1548discussion_topics15749module_item_id111716-winter-greater-discussions-greater-discu/4ff38444-89c4-462d-9123-ccd5bae053cc"},{"question":"1. Suppose that you wish to receive 5,000 dollars, once a month, for 20 years after retirement. 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If you have any questions, clarifications and need more information…","href":"/questions-and-answers/in-the-year-6-reading-comprehension-a-weekend-in-the-lakes-why-does-the-writer-think-it-is-too-soon-/2b00354a-2259-48f8-b9b5-d08eecf9f9e7"},{"question":"Suppose that at a given price level the following values exist in a hypothetical\nclassical economy.…","answer":"Step 1: Determine TE at the initial equilibrium level TE =.C + I + G + (X − IM )TE = 2,000 + $1,900…","href":"/questions-and-answers/suppose-that-at-a-given-price-level-the-following-values-exist-in-a-hypothetical-classical-economy.-/84949f9a-e8f5-4812-b4a4-346a51a04440"},{"question":"8 Write an anecdote (150-190 words) about a\nsituation when you had to complain. Use one of\nthese…","answer":"I reflected on my personal experience to craft a detailed and relatable anecdote. 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Determine how many eggs each firm in the industry will produce if it wants to maximize profit.In…","href":"/questions-and-answers/4.-the-egg-industry-comprises-many-firms-producing-an-identical-product.-supply-and-demand-condition/278eda8d-e55e-4a3d-a557-e92030b9c535"},{"question":"Exporting vs FDI: The Proximity-Concentration Trade-Off.\nYour firm wants to sell its product in each…","answer":"Part a: Export Option (as a function of distance, d) The firm exports to a country located at a…","href":"/questions-and-answers/exporting-vs-fdi-the-proximity-concentration-trade-off.-your-firm-wants-to-sell-its-product-in-each-/36c46ade-81c7-4007-b9f8-c29c2e27ea17"},{"question":"Further information on the activities of the Juice industry in 2023 is providedin table 2.1 below in…","answer":"i. Personal Disposable Income (PDI) Formula: PDI=Personal Income−Direct Taxes+Government Transfer…","href":"/questions-and-answers/further-information-on-the-activities-of-the-juice-industry-in-2023-is-provided-in-table-2.1-below-i/9bcebd17-d53c-4b22-ae4d-3aa87372f425"},{"question":"I need help with my assignment please help me how can i get a tutor for writing","answer":"Before you start looking for a tutor, it's important to identify what you need help with. Is it a…","href":"/questions-and-answers/i-need-help-with-my-assignment-please-help-me-how-can-i-get-a-tutor-for-writing/3bd43215-5979-490b-aa81-a634df5fc648"},{"question":"Answer in step by step with explanation.","answer":"Based on the given scenario, the strategy of the three existing firms is that of a grim triggerGrim…","href":"/questions-and-answers/suppose-there-are-three-internet-service-providers-isps-in-a-local-market-which-have-been-around-for/c1246404-c59a-4ce7-94f6-9f8193c7d841"},{"question":"A person wins the lottery. 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