Consider a firm in a perfectly competitive industry. Market price right now is Pmkt. Demand for the firm's prod- ucts (not Market demand) is perfectly elastic at the market price. (Note: since this is a perfectly competitive industry, this is true in the long-run or short-run and is a consequence of the price-taking assumption) This firm is offered an opportunity to upgrade technology that will make all labor more productive than before (with the same machines). The technology costs a fixed amount F. (a) How does the firm's supply curve change with the technology? (b) Will the firm adopt the technology?

Q: List three different religions and provide examples of how they affect business practices.

A: Hinduism: The belief in this religion that customers are king and they should be treated…

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: Economics helps managers focus on key issues.

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A: In a cooperative, or co-op, a group of people come together to meet their common economic, social,…

Q: Write a positive statement and a normative statement about your favorite hobby.

A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…

Q: "Do Men and Women Earn the Same Amount?"  Please give a reason behind your answer.

A: No, Generally they do not earn the same amount.

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A: The objective of the question is to identify the correct statement that accurately describes…

Q: your family needs money and your parents asked you to propose a plan to get the highest possible…

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Q: Describe the top ten communication skills that business leaders search for? Explain.

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Q: What are the economic and accounting costs of higher education?

A: Economic cost considers both the accounting cost, which is the explicit cost, as well as the…

Q: importance of market structure

A: In economics, market structure refers to how various industries are categorized and distinguished…

Accounting and Economic Profit analysis

One comes across the concept of Profits in the context of business and in analyzing the results of business activity. Profits of a business can be accounting profits, and they can also be economic profits. So how does one understand the concept of accounting versus economic profits?