Draw a two panel Diagram depicting a firm in a competitive market making a profit on the Left hand side panel of the diagram, and the world Market on the right hand side panel. Now draw what happens to both sides of your diagram as a result of covid hitting and half of the suppliers shutting down and not able to produce. What happens to the individual firms profits? What happens to Market price and quantity? Make sure you include all the relevant cost curves in your diagram of the firm and an explanation of the key points in your graph.

Draw a two panel Diagram depicting a firm in a competitive market making a profit on the Left hand side panel of the diagram, and the world Market on the right hand side panel. Now draw what happens to both sides of your diagram as a result of covid hitting and half of the suppliers shutting down and not able to produce. What happens to the individual firms profits? What happens to Market price and quantity? Make sure you include all the relevant cost curves in your diagram of the firm and an explanation of the key points in your graph.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
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