Suppose a good's quantity demanded is Q" = 8000 - 10p and market supply Q = 5p + 2000, and the market is competitive and in long-run equilibrium. Suppose then that the demand curve shifts upwards, so QD = 11,000 - 10p. Assuming we are in a constant cost industry and all firms have the same cost function, what will be the new short-run price and the new long-run price? Oa. short-run: p = 400, long-run: p 600 O b. short-run: p = 600, long-run: p = 400 O c. short-run: p = 500, long-run: p = 1000 O d. short-run: p = 800, long-run: p = 600 Clear my choice licrosoft is selling a one-of-a-kind software program for which they have no competitors. The demand they face for eir product is q = 1000 – 5p. Their cost function is C(q) = 1000 (Each copy of the program has zero marginal st). How many copies do they sell? O a. 100 b. 250 C. 400 d. 500

Suppose a good's quantity demanded is Q" = 8000 - 10p and market supply Q = 5p + 2000, and the market is competitive and in long-run equilibrium. Suppose then that the demand curve shifts upwards, so QD = 11,000 - 10p. Assuming we are in a constant cost industry and all firms have the same cost function, what will be the new short-run price and the new long-run price? Oa. short-run: p = 400, long-run: p 600 O b. short-run: p = 600, long-run: p = 400 O c. short-run: p = 500, long-run: p = 1000 O d. short-run: p = 800, long-run: p = 600 Clear my choice licrosoft is selling a one-of-a-kind software program for which they have no competitors. The demand they face for eir product is q = 1000 – 5p. Their cost function is C(q) = 1000 (Each copy of the program has zero marginal st). How many copies do they sell? O a. 100 b. 250 C. 400 d. 500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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