(Table: Demand Schedule for Whatchamacallits) Use Table: Demand Schedule of Whatchamacallits. The market for whatchamacallits consists of two producers, Emma and Joshua. Each firm can produce whatchamacallits with no marginal cost or fixed cost. If industry output is 700, each firm's profits will be than they would be at the output of 500, which maximizes industry profit. Table: Demand Schedule for Whatchamacallits Quantity of Whatchamacallits Price of a Whatchamacallit $10 9 8 7 6 5 4 3 2 1 0 O a. $150 less O b. $150 more O c. $200 more O d. $200 less Demanded 0 100 200 300 400 500 600 700 800 900 1,000

(Table: Demand Schedule for Whatchamacallits) Use Table: Demand Schedule of Whatchamacallits. The market for whatchamacallits consists of two producers, Emma and Joshua. Each firm can produce whatchamacallits with no marginal cost or fixed cost. If industry output is 700, each firm's profits will be than they would be at the output of 500, which maximizes industry profit. Table: Demand Schedule for Whatchamacallits Quantity of Whatchamacallits Price of a Whatchamacallit $10 9 8 7 6 5 4 3 2 1 0 O a. $150 less O b. $150 more O c. $200 more O d. $200 less Demanded 0 100 200 300 400 500 600 700 800 900 1,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50+ ¹/29² Marginal Cost: MC = q where q is an individual firm's quantity produced. The market demand curve for this product is Demand: QD = 120 - P where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. a) What is each firm's What is the equilibrium price and quantity for th In this equilibrium, how much does each firm produce? Calculate each firm's profit or loss. Do firms have an incentive to enter or exit? g) In the long run with free entry and exit, what is the equilibrium price and quantity in this market? h) In this long-run equilibrium, how much does each firm produce? How many firms are in the market? e) f)
6. Deriving the short-run supply curve Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars) PRICE (Dollars per shirt) 100 90 80 70 60 50 100 40 90 10 80 0 70 Price (Dollars per shirt) 60 50 20 10 0 0 For each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit- maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price. 15 20 25 55 70 85 10 0 0 0 MC D ATC On the following graph, use the orange points (square symbol) to plot points along the…
20.Suppose a demand for good produced by a certain industry changes then answer the following questions:1- What will be the affect of change in demand on the output of the firm and industry in short run?2- What will be the affect of change in demand on the output of the firm and industry in long run?3-For what reason the affect of change in demand on firm's and industry's output differ in short and long run?4- Will the condition of zero economic profit be met in long run? how?
8. Short-run and long run effects of a shift in demand Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 350 million cans per year. Suppose that WebMD daims that a protein found in tuna will increase your expected lifespan by 2 years. WebMD's claim will cause consumers to demand more PRICE (Dollars per cani producing more tuna and earning positive profit Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of WebMD's claim. ? 0 tuna at every price. In the short run, firms will respond by Supply Demand 70 140 210 200 350 420 400 560 630 700 QUANTITY (Millions of cans) Demand -0 Supply
51 / 69 75% 9. Table: Impact of Simultaneous Shifts on Equilibrium Shift in Shift in Supply Quantity A Export PDF Price Demand Create PDF May increase, Edit PDF decrease or Leftward Leftward Decreases remain Comment unchanged May increase, Da Combine F decrease or Rightward Rightward Increases Adobe Acrobat Pr remain unchanged Combine bao or mor into a single PDF May increase, decrease or Learn mo Decreases Leftward Rightward remain unchanged N Organize F May increase, Redact decrease or Increases Rightward remain U Protect Leftward unchanged Store and share 図

Sketch the microeconomics graph of the article, Industrial Demand for platinum driving significant supply shortfall
10. Price elasticity of supply in the short run and long run The following graph shows the short-run supply curve for persimmons. Place the orange line (square symbol) on the following graph to show the most likely long-run supply curve for persimmons. (Note: Place the points of the line either on W and P or on W and I.) PRICE (Dollars per pound) 24 20 Co 16 0 0 W Short-Run Supply 2 4 6 8 10 QUANTITY (Thousands of pounds of persimmons) 12 Long-Run Supply ?
9. The chicken farming industry in Northern New York is extremely profitable and I would really like to enter that market. Unfortunately, suitable land has become very difficult to find as public health policies prevent raising chickens near any flowing water supply. I cannot find any land for my new chicken farm. What is the economic term for this?
Please help me by making sure the answer is correct as well as providing the answer for the last part.
Urgently need
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