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1. Explain in detail why it would be okay for you, if you were a business in a purely competitive industry, to make zero economic profits.
2.
Step by step
Solved in 2 steps
- (1) Use the graph to answer the question below. The quantity is measured in thousands of units. What will this firm decide to do in the long run? A-It will stay in the market because the price is above its AVC at its profit-maximizing output. B-It will leave the market because the price is below its ATC at its profit-maximizing output. C-It will increase its price to point B to earn normal profit. D-It will increase its output until its profit-maximizing output level is equal to B. E-Insufficient data to determine. (2) A dairy farmer is operating in a perfectly competitive market. The market price for milk is between the farmer's average variable cost and average total cost at the profit-maximizing level of output. What will the farmer do? A-Produce more milk. B-Produce less milk. C-Shut down in the short run. D-Operate in the short run and leave the industry in the long run. E-Insufficient information to determine (3) A firm operating in a perfectly competitive market cannot…Soft drink industry has been historically profitable why? compare the economies of the concentrate business to the economics of the bottling business. Why do you think the profitability is so different between these businesses?If you're a manager in a highly competitive business such where should you put your most effort to maximize profit? Pricing or cost cutting?
- If you are a manager in a highly competitive business such where should you put your most effort to maximize profit? Pricing or cost cutting, please explain?What are some characteristics of perfect competition? Is the Banana market a perfect competition? When you are buying bananas, what is your decision making process? Do you have any favorite brand of banana? How can companies in the market compete? Please name some other examples of perfect competition?What is meant by a competitive firm? Explain the difference between a firm’s revenue and its profit. Which do firms maximize?
- Small “Mom and Pop" firms sometimes exist even though they do not earn economic profits. How can you explain this? Think about what all is covered in economic profit?What are the characteristics of a perfectly competitive industry?You are the manager of a taco truck that is in a perfectly competitive industry comprised if identical firms. The cost of taco ingredients increases form $15 to $20 per hundred pounds. a. In the short run, how do you respond to the increases in the price of ingredients? b. Describe the long-run adjustments that take place in the market place. c. What long-run decisions will you make as the manager of your firm?
- Can you think of a product that meets at least most of the criteria required for a perfectly competitive market? Which criteria does it fail to meet?Please solve these 3 questions. 1. If the firm is making a positive profit, do you expect it to persist in the long run? Why?2. What is the lowest possible price the firm would be willing to sell for in the short run?3. What is the lowest possible price the firm would be willing to sell for in the long run?Why is perfect competition assumed to be the best market situation in most cases? Draw a graph showing the long run result of perfect competition and explain why it benefits society.
