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The graphs suggest that in the long run, assuming no changes in the given information,
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- Sally runs a vegetable stand. The following table shows two points on the demand curve for the heirloom tomatoes she sells: Price $3.50 $2.25 Quantity demanded per week 150,000 250,000 Sally's marginal revenue from lowering the price of tomatoes from $3.50 to $2.25 is $ 0.375. (Enter your response rounded to two decimal places.) Lowering the price from $3.50 to $2.25 results in an output effect of $ and a price effect of $. (Enter your responses as whole numbers and include a minus sign if necessary.)What kind of business is a water refilling station? What problems are solved with the help of a water refilling station and how? How does a water refilling station fit in the competitive market?Draw a graph of a typical firm and an industry market (with supply and demand). Illustrate and explain what happens in the market if at the initial price, the typical firm is earning an economic profit. Show and explain how the two graphs will adjust toward market equilibrium.
- You decide to create a burger restaurant named BurgerDeals to help pay for college fees. The table below contains total pricing information for your single product, large extra-cheese burger. Your town's burger market is fiercely competitive, with big extra-cheese burger selling for $7 on average. Fill in the blanks in the table and answer the following question. What does each burger cost on average if you make 8 burgers?Only typed answer and please answer correctlyHow does a market compete with other firms efficiently to maintain profit in a competitive market over time? Show diagram with shifts in price, cost, quantity, etc.
- Explain how demand is seen by a purely competitive seller.Austin is a dot-com entrepreneur who has established a Web site at which people can design and buy awatch. Austin pays $900 a month for a Web server and Internet connection. The watches that customers design are made to order by another firm, and Austin pays this firm $120 a watch. Austin has no other costs. The table shows the demand schedule for Austin's watches. Austin is making an economic profit. In the long run, the demand for Austin's watches OA. decreases; incurs an economic loss OB. increases; makes zero economic profit C. increases, increases his economic profit D. decreases; makes zero economic profit OE. decreases; shuts down and in long-run equilibrium, Austin MIER Price (dollars per watch) 200 160 120 80 40 0 Quantity (watches per month) 0 40 80 120 160 200You decide to create a burger restaurant named BurgerDeals to help pay for college fees. The table below contains total pricing information for your single product, large extra-cheese burger. Your town's burger market is fiercely competitive, with big extra-cheese burger selling for $7 on average. Fill in the blanks in the table and answer the following question. What is BurgerDeals TFC?
- Solve on white paper onlysUsing graph, explain when the firm in a competitive market is in equilibrium?The table shows some of the costs of production for Marie's Fortune Cookies. The fortune cookie market is a perfectly competitive market. At a market price of $62.99 a batch, what quantity does Marie's produce and what is the firm's economic profit in the short run? Do firms enter or exit the market? At a market price of $62.99 a batch, Marie's produces batches of fortune cookies. In the short run, Marie's maximizes its profit and In the long run, firms O A. enter O B. neither enter nor exit O C. exit the fortune cookie market. of $ a day. Total product (batches per day) 1 2 3 4 5 6 7 8 Average Average Average fixed variable total cost cost cost (dollars per batch) 44.00 132.00 88.00 44.00 29.33 22.00 17.60 14.67 12.57 11.00 37.00 32.00 29.00 28.20 29.00 32.00 37.50 81.00 61.33 51.00 45.80 43.67 44.57 48.50 ** *** **** **** Marginal cost 30.00 21.99 20.01 25.00 33.02 49.97 76.01