2 QUESTION 36In the long run, if for a firm in a competitive market, at the level of output where P MR = MC, the price is less than the firm's long run averagecost, P LAC,Ca. the price will decrease until P = LACOb. the price will stay the sameDc the price will increase until PLACQUESTION 38Examining the equilibrium conditions of individual markets and for households and firms separately is referred to asa. partial equilibrium analysis.b. general equilibrium analysis.C. comparative statics.d. efficiency analysis.QUESTION 39An activity that makes some people better off and nobody worse off is aa. voluntary exchange.b.government transfer program such as Social Security.c reduction in interest rates.d. price floor that increases income to suppliers.QUESTION 40Assume that the marginal cost of producing steel does not include the cost of the damage to the environment as a result of pollution. Byproducing where P= MC, the firm will be producinga. the efficient amount of steel,b. less than the efficient amount of steel.ca zero quantity of steel.d. more than the efficient amount of steel.

We have to solve following questions. In the long run , if for a firm in a competitive market at the…

QUESTION 36 In the long run, if for a firm in a competitive market, at the level of output where P MR MC, the price is less than the firm's long run average cost, P LAC, a. the price will decrease until P = LAC will etau the eame

QUESTION 36 In the long run, if for a firm in a competitive market, at the level of output where P MR MC, the price is less than the firm's long run average cost, P LAC, a. the price will decrease until P = LAC will etau the eame

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. A steel bar manufacturer business can make 15000 bar a week. It is determined that to achieve this production, the company need to spend 90000 pesos weekly for materials, utilities and transportation. The manager also pays a fixed cost of 10000 pesos per week. HOW MUCH per steel bar should they sell to gain a profit of 40% of the total cost?