Using diagrams derive a long-run market supply curve for 1)a constant-cost industry, 2)a decreasing-cost industry.

Q: or a perfectly competitive firm in the long run, price is   Greater than long-run marginal revenue…

A: In a perfectly competitive market, price is determined by the market forces.

Q: The short-run market demand and supply for Kente cloth are expressed as follows: Demand:P=40-0.25Q…

A: Given data: Demand: P=40-0.25QSupply: P=5+0.05QMarginal cost: -20+4Q

Q: Draw a supply and demand diagram showing the effect of a decrease in demand in the long-run for a…

A: The decreasing cost industry is an industry in which the expansion of the output production leads to…

Q: For a firm in Perfect Competition, the Industry Price is equal to $12, Average Total Cost is equal…

A: Short-Run Supply Curve: The short-run supply curve shows the relationship between the market price…

Q: Illustrate and explain how the short-run supply curve of a price-taking firm is determined.

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Q: Price B с A Cannot be determined C B The graph above depicts the demand, short-run industry supply…

A: In the long run, the industries tend to produce more goods as they have better resources and most…

Q: Starting from long-run equilibrium in a perfectly competitive increasing-cost industry, show on a…

A: As shown in the diagram when market demand shifts rightwards then price increases. At a higher…

Q: Price O Quantity The graph above depicts the demand, short-run industry supply curve and the long-…

A: The short run refers to a time frame when prices of output and some production costs are fixed. The…

Q: If a perfectly competitive firm is producing an output level where average variable cost is equal to…

A: "A profit maximizing firm in a perfectly competitive market will maximize profits at a point where…

Q: The long-run supply curve of a perfectly competitive industry with increasing costs is: a)…

A: Perfectly competitive industry is the one where there are large number of buyers and sellers with…

Q: QUESTION 2 Match each of the terms to their description: v Entry A. additional cost of producing one…

A: The firm enters when there is positive economic profit and exits when there is negative economic…

Q: Consider the graphs of a constant cost industry and a perfectly competitive firm within it.…

A: In economics, economic profit is the difference between a firm's total revenue and its total costs.…

Q: An increasing-cost industry is so named because of the positive slope of which curve? A) Each firm's…

A: An increasing-cost industry is an economic idea that alludes to a market or industry wherein…

Q: Draw ATC, AVC, and MC curves for a typical firm. Label the price at which the firm would shut down…

A: Average Total Cost (ATC) refers to the total cost of output per unit. It is estimated by dividing…

Q: Part a) True or False: In a competetive market, a firm's short run supply curve is sloping upwards…

A: a) In a perfectly competitive market, there are a large number of firms who sell identical products.…

Q: If a competitive industry is currently losing money what can be expected to happen to the number of…

A: The perfect competitive market is a market where large number of buyers and sellers in the market,…

Q: It can be argued that ‘a sustained increase in the prices of a product and profitability of…

A: The market is a place where the buyers and sellers interacts with each other and the exchange of…

Q: Question 9 Consider the file Short Run & Long Run and ignore everything that happened in the…

A: Detailed explanation:The above answers assume the given information and make reasonable inferences…

Q: Find short run industry supply for 60 firms, in perfect competition. Each with TC = 5q + 15q^2 +20…

A: Price Elasticity of supply measures the responsiveness of quantity supplied to changes in price…

Q: Find

A: To comprehensively address the question regarding the short-run equilibrium price of titanium in the…

Q: Illustrate and explain the shape of the Long Run Industry Supply Curve for a Decreasing Cost…

A: The supply curve represents the quantity supplied by producers at different price levels. The…

Q: The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost…

A: We can see that one of the axis we see the cost and profit is given, the verticle axis.Here, the…

Q: 1. In a perfectly competitive and constant cost industry, all firms are identical. If the market…

A: We are going to find the long run equilibrium to answer this question.

Q: Below is a two-diagram model representing a perfectly competitive market and a representative firm…

A: All firms get only normal profit over the long run. A firm can get positive or abnormal profit over…

Q: Question 2 : Do parts a, and b a. Identify the four types of market structures. What are the…

A: The functional and other features of a sector are properly expressed by the market structure. It…

Q: Comment on these statements: 1: Supply curve of the Constant cost industry. 2: supply curve of the…

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Q: In a competitive market characterized by increasing costs, the long-run industry supply curve gives…

A: In a perfectly competitive market, there are a large number of firms who sell identical products.…