4 S. Short-run supply and long-run equilibriumConsider the perfectly competitive market for steel. Assume that, regardiess of how many firms are in the industry, every firm in the industry isStudy Toolsidentical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.AZonscess TipsCess TipsYOUToolsATC.15, 40Principles of34ackAVCMO1627QUANTITY (Thusands of tonauad alsis00 TOOwing magram shows the market demand for steel.udy ToolsA-2Uhe the orange points (square symbo) to plot ehe initial short-run industry supply curve when there are 20 firms in the market. (Mint You candisregard the portion of the supply curve that corresponds to prices where there is no output, since this the industry supply curve.) Next, use thepurple points (diamond symbol) to plet the short-run industry supply curve when there are 40 fems. Finally, use the green points (triangle symbo) teplot the short-run industry supply cunve when there are d0 firms.TipsoupolsSupply 20m)ciples ofDemandBupply (40 fmSupply (0 ema)241 r e 00QUANTITY (Thands of )45Supply (40 firma)4032Supply (80 fima)2416120 240 360 40 00 720 840 900 1000 1200QUANTITY (Thousands of tons)If there were 60 firms in this market, the short-run equilibrium price of steel would beTherefore, in the long run, firms wouldper ton, At that price, firms in this industrywouldthe steel market.Because you know that perfectly competitive firms earneconomic profit in the long run, you know the long-run equilibrium price mustbe sper ton. From the graph, you can see that this means there will befirms operating in the steel industry in long-run equilibrium.Grade It NowSave & ContinueContinue without savingPRICE (Dolars per toPRICE Doas per ton)2RES TIR

For a serious firm, the vertical slanting piece of the MC curve is the Supply curve Thus, the supply…

S. Short-run supply and long-run equilibrlum Consider the perfectly competitive market for steel. Assume that, regardiess of how many firms are in the industry, every firm in the industry ie identical and faces the marginal cost (MC), average total cost (ATC), and average variatle cost (AVC) curves shown on the fotowing graph. 15, 40 16 AVC .HN UH M OUANTITY hoaands ofonsl t d gl susoo

S. Short-run supply and long-run equilibrlum Consider the perfectly competitive market for steel. Assume that, regardiess of how many firms are in the industry, every firm in the industry ie identical and faces the marginal cost (MC), average total cost (ATC), and average variatle cost (AVC) curves shown on the fotowing graph. 15, 40 16 AVC .HN UH M OUANTITY hoaands ofonsl t d gl susoo

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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At a price of $14, country 1 will (a) offer for export 9 units of this product. (b) seek to import 9 units of this product. (c) choose not to trade. (d) increase supply. (e) offer for export 18 units of this product
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 in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
Pls help ASAP
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B. The late Anne Collins had 3 children, Mary, John and Hana who unfortunately all predeceased Anne leaving several Anne's grandchildren and great grandchildren. Unfortunately, Anne died intestate without a will or trust. She is survived by: Mary's daughters Emma and Joan John's son Patrick who has 2 children Joe and Frank; Frank has 1 child Eddy. Hana's daughter Elizabeth is also deceased leaving 2 children Jim and Eva. (i) Please fill in the table taking into consideration that Anne died without a will/trust and therefore the distribution shall be according to the CA intestacy laws (Modified Per Stirpes PC 240). Each Emma and Joan Mary's spouse Each of Patrick's 2 children Joe and Frank Each of Elizabeth's 2 children Jim and Eva Patrick's grandchild Eddy Patrick MPS Ø
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
PLS HELP ASAP ON BOTH
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. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
please fill out a-n
E2
ONLY NEED QUESTIONS 5,6,8,10 and 13