8. Two firms constitute the entiredoghouse industry. One has along run cost curve of 3+ (4y2/3)and the other has a long run costcurve of 10 + (y2/10). At whatprice will each firm enter? What isthe industry supply curve (it willnot be continuous)? Graph theindustry supply curve.

Supply curve of a firm is determined by the range at which price is equal or greater than the…

Answered: Two firms constitute the entire…

Business

Economics

Two firms constitute the entire doghouse industry. One has a long run cost curve of 3 + (4y2/3)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The was a consumer sees the product as it compares to other similar products in the market is

A: Answer:- A substitute, or substitutable good The way a consumer sees the product as it compares to…

Q: 2 8 Macmillan Learning (Figure: Coats and Sweaters II) What is the marginal rate of substitution…

A: Marginal rate of substitution (MRS) is the rate at which the number of units of one good that are…

Q: 23. Suppose that there are two goods in an economy and that all prices double. At the same time, the…

A: A budget line is a graphical representation of the limit of what a consumer can afford to buy with a…

Q: Use the information in the table below to compute Susan's income elasticity of demand for business…

A: Income elasticity of demand measures the responsiveness of quantity demanded to change in income.…

Q: The sugar tax is an important policy decision by the government to discourage its citizens from…

A: A tax is a mandatory financial charge or levy imposed by a government on individuals, businesses, or…

Q: Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation

A: Step 1: a. Total value Mo places on his weekly…

Q: (Figure: Cheese and Yoghurt) Use Figure: Cheese and Yoghurt. In the figure, a movement from point B…

A: Above curve is possibility Production Frontier (PPF) which tells how much cheese producer has to…

Q: I need typing clear urjent no chatgpt use i will give 5 upvotes

Q: Are coffee and tea Substitute goods or compliment goods? Why?

A: # Goods which can be used on place of each other are said to be as substitute goods and the goods…

Q: 3rd attempt Feedback George is taking sociology and economics and is preparing for exams in both…

A: Time to do each task is price of the task and total time available is budget. Price of economics…

Q: 2. A store can sell 40 widgets per week at $8 each and 25 widgets at $13 each. a. Find the demand…

A: Answer: Given, Price (P) Quantity (Q) $8 (P1) each 40 widgets per week (Q1) $13 (P1) each 25…

Q: Consider the following scenario. An economist seeks to estimate the magnitude of the price…

A: An Economist seeks to estimate the magnitude of the price elasticity of demand of alcohol, which the…

Q: 17 Question 3 The price of a product rises by 12% and the quantity of the product purchased falls by…

A: Elasticity is defined as the responsiveness of change in one variable. The price changes will lead…

Q: Utility is a type of function that occurs in economics. When a consumer receives x unils of a…

A: The utility function provides a measure of the overall satisfaction (denoted by 'U') that an…

Q: A printer producer reduces the price of a highly popular printer by 40%. What are the results of…

A: Demand is the quantity of commodity which a consumer is willing and able to buy at each possible…

Q: (Figure: Demand Curve) Refer to the figure. Which point on the graph represents the value of the…

A: Comparative Advantage: Comparative advantage refers to an economic principle that describes the…

Q: Suppose that in a week the price of Greek yogurt decreases from $1.75 to $1.25 per container. At the…

A: The quantity demanded of a good or service and its price movements can be measured by using…

Q: 10. Suppose tangerines are an inferior good. This means that if your income tangerines. decreases,…

A: Inferior goods are those goods whose demand decrease as the income of people rises and also the…

Question

Two firms constitute the entire
doghouse industry. One has a
long run cost curve of 3+ (4y2/3)
and the other has a long run cost
curve of 10 + (y2/10). At what
price will each firm enter? What is
the industry supply curve (it will
not be continuous)? Graph the
industry supply curve.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

please see the attached1
George Kyparisis owns a company that manufactures sailboats. Actual demand for George's sailboats during each of the past four seasons was as follows: Year D Season Winter Spring Summer Fall 1 1,440 1,500 1,040 680 2 1,280 1,440 2,120 810 3 1,080 1,600 2,040 670 4 960 1,580 1,900 500 George has forecasted that annual demand for his sailboats in year 5 will equal 6,500 sailboats. Based on the given data and using the seasonal model, the demand level for George's sailboats in the spring of year 5 will be 1937 sailboats (enter your final answer as a whole number and round all intermediate calculations to two decimal places).
I cant seem to remeber the formula to use to fill out S2 and D2
i will 10 upvotes.
A Define "supply." 9.( The definition of supply is very similar to that of demand. Supply is a schedule which shows the various amounts of a product sellers are at each price in a series of possible prices during a specified period, other things being equal. Supply portrays relationship between ( related either in the table or in the (graph). ) and ( ) to produce and offer for sale ) and ( ), they are (directly, inversely) S Describe and give a reason for the law of supply. The law of supply indicates that producers will produce and sell (more, less ) of their product at a high price than at a low price. This means that there is a positive, negative ) relationship between price and quantity supplied. The basic explanation is that, given product costs, a higher price means greater profits and thus more incentive for business to increase the quantity supplied.
The price of Pepsi changes from $4.75 to $1.00; initialy Yuval consumed 7 cups of pepsi per week and now consumes 18 cups of pepsi per week. Indicate whether the changes are negative or positive and keep 2 decimals. What is the percentage change in price? What is the percentage change in quantity? What is the Price Elasticity of Demand? (Enter a positive number) In this example, pepsi is an OElastic Olnelastic OUnitary Elastic good FI % %
Which is true of the graphs?
If the price of Coca-Cola increases, what happens to the demand for Pepsi? * PEPSI LIVE EARTH RFL DZ (355 ml]) O It increases. O It decreases. O It stays the same. O It is indeterminate. O It increases, and then decreases. pepsi
10. Problems and Applications Q10 Consider public policy aimed at smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.2. If a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 10%, it should increase the price by If the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be from now. Studies also find that teenagers have a higher price elasticity of demand than do adults. Which of the following statements are consistent with this result? Check all that apply. 00 Adults are more likely to be addicted to cigarettes. smaller Teenagers do not have as much income as adults, so they are more price sensitive. larger It is legal for adults to consume alcohol, so many choose to spend their money on that good rather than cigarettes. % than the effect 5 years
Question 7 (10 points) Listen Figure 2-7 HOURS WITHOUT SLEEP Refer to Figure 2-7. Taking cause and effect into account, which of the following interpretations would be most reasonable regarding the relationship between coffee and hours without sleep? The less coffee a person drinks per day, the more time he can go without sleep. There is no relationship betwveen how much coffee per day a person drinks and how long he can go without sleep. The more coffee a person drinks per day, the more time he can go without sleep. The more coffee a person drinks per day, the less time he can go without sleep. Question 8 (10 points) V Saved CUPS OF COFFEE PER DAY
5. (12) Max is stocking up on ice cream and cookies; ice cream costs $2 and cookies cost 50 cents ($.50). The marginal utility gained from each treat is given in the table below. If Max is a rational utility maximizer and has $8 to spend, how many of each treat will they purchase, and in what order? Show your work. Qice cream MU of ice Qcookies MU of cream cookies 1234567 40 1 9 32 2 9 26 3 7 18 4 5 8 5 3 6 6 3 4 7 1
4, 5, 6, 8, and 10 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. TOTAL REVENUE (Dollars) 500 450 400 300 250 200 150 100 ༔ ཧྭ ༔ ༔ ༔་༔་༔༞༄ 8 50 0 A 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Number of units) Total Revenue ? Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced. The marginal revenue of the second unit produced is $