If the long run supply curve for a perfectly competitive market is perfectly elastic what can we expect to occur in the market for a normal good if consumers incomes increase? Consumer demand will [ Select ] making short run profits for exişting fırms [Select ] . These short run profit values will cause [ Select ] the market, making profits [Select ] Modeled on the long run supply curve, the equilibrium quantity will [ Select ] v and the equilibrium price will I Select]

If the long run supply curve for a perfectly competitive market is perfectly elastic what can we expect to occur in the market for a normal good if consumers incomes increase? Consumer demand will [ Select ] making short run profits for exişting fırms [Select ] . These short run profit values will cause [ Select ] the market, making profits [Select ] Modeled on the long run supply curve, the equilibrium quantity will [ Select ] v and the equilibrium price will I Select]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Instructions: Answer to the best of your ability. Show all of your work, the details, excel tab. The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as q_s=-25000 + 3000p q_d=135000-5000p a. Determine the equilibrium price and quantity in the market for good x. (Note: You are not anlayzing an individual firm here. You are analyzing the entire market). Suppose the individual firm's average total costs are dfined by TC=1/3q^3-3q^2+28q+2 b. What is the firm's demand curve (don't give me back the industry demand curve. The firm's demand curve is what I want.) c. find the profit maximizing level of output for the firm (I've given the marginal cost curve below). MC=q^2-6q+28 d. If this firm is making a profit (loss) how much is the profit (loss)?
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Fill in the following table with degrees of competition, the price elasticity of demand and the implications of the degree of competition and the price elasticity on the price of the product at each stage of the product life cycle. Stages of the product life cycle Introduction Growth Maturity Decline Degree of competition Price elasticity Price of the product