Elementary textile production was found in several locations throughout Africa. Select two accurate statements about this budding proto-industry.ㅁㅁㅁArcheological findings provide evidence that West Africa had a long tradition of professionally organized production of cotton cloth.Madagascar is known for its early silk production.Incomes from the Nubian gold mines were used to pay for the establishment of local textile weavers.In the 12th century, Great Zimbabwe became a leading textile producer.

a. Archaeological findings suggest that West Africa had a well-established tradition of textile…

Answered: Elementary textile production was found…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Short-run supply and long-run equilibrium 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. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
Which of the following is NOT a characteristic of perfect competition? the product is homogeneous The firm faces an inelastic demand curve there are many buyers and sellers there is no government interference
Perfect competition is a hypothetical market form associated with neo- classical economic theory. A number of assumptions are made which provide the key components of the definition, including: the existence of perfect knowledge, no barriers to entry and homogeneous output. Critically analyze the perfect competition and pure competition from the viewpoint of economics.
Perfectly competitive industries are characterized by: few sellers and many buyers. consumers who can differentiate between products. identical goods. a few producers that account for most of the market share.
Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 30 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 40 firms. Note: Points will snap to the quantities of output. 100 888 PRICE (Dollars per tonne) 50 70 80 -O- Supply (20 firms) Supply (30 firms) A 40 Demand Supply (40 firms) 30 20 10 0 0 123 250 373 500 623 750 873 1000 1123 1250 QUANTITY (Thousands of tonnes) ? If there were 20 firms in this market, the short-run equilibrium price of steel would be $ would Therefore, in the long run, firms would Because you know that perfectly competitive firms earn per tonne. At that price, firms in this…
Firm X, a leading manufacturer of rubber tires in country A, caters to almost one-third of the domestic tire market. The country was hit by a recession last year that caused the national output growth to be negative. Simon Reeds, the CEO of firm X, feels that these fluctuations in the business environment are short-lived and expects the economy to recover very soon. In spite of the recession, Simon feels that the firm can actually invest in expanding its facilities as it has sufficient cash flows to continue its operation during the crisis period. The firm's marketing head, Sandra Jones, counters this by saying that the firm is already losing sales due to the recession and they should not increase costs further by making large-scale investments in the present climate. Which of the following, if true, would support the CEO's claim? A. The government recently announced a plan to offer incentives to buyers in the car and household appliances market. B.…
Suppose all firms in a perfectly competitive market structure are in long-runequilibrium. Then demand for the firms’ product increases. Initially, price andeconomic profits rise. Soon afterward, the government decides to tax most (but not all) of the economic profits, arguing that the firms in the industry did not earn the profits. Rather, the profits were simply the result of an increase in demand. What effect, if any, will the tax have on market adjustment?
Suppose Madison operates a handicraft pop-up retail shop that sells rompers. Assume a perfectly competitive market structure for rompers with a market price equal to $20 per romper. The following graph shows Madison's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for rompers for quantities zero through seven (including zero and seven) that Madison produces. TOTAL COST AND REVENUE (Dollars) 200 175 150 125 100 75 0 -25 □ 0 ☐ 1 2 3 5 QUANTITY (Rompers) 4 6 Total Cost 7 8 o Total Revenue Profit
Which of the following is an example of a perfectly competitive market structure? a) The market for smartphones b) The market for agricultural products c) The market for electricity in a regulated market d) The market for luxury cars
In perfect competition, one result of the model was that there was no positive economic profit (just a normal profit) in the long run. In a monopoly, the firm typically earns a positive economic profit. Why is there a difference? Explain the profit-maximization rule for employing factors of production. Explain in terms of our different factors of production (land, labor, and capital) and how firms will choose how much of each factor to employ. (Ctrl) - O Focus 明 and Windows a IOI 9 144 トト 12 + ins & %$4 4 8 { Y D G J K C V N .. Σ エト

9 Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, ever n 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. Esc 78°F Sunny 100 COSTS (Dollars per pound) 90 80 70 60 4 50 + 40 + 30 20 10 0 MC O 05 F2 ATC AVC F3 0 10 15 20 25 30 35 40 QUANTITY (Thousands of pounds) 0+ ☐ F4 45 50 F5 H M OL F6 M (?) F7 10 F8 At ( F9 F10 F11 F12 2 Fn

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