MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 15.1, Problem 5Q
To determine
Explain the output between two digit and four-digit industry.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
57) "If an industry's minimum efficient scale is between 2,000 and 4,000 units of output, then a firm producing
2,000 units of output in that industry has a cost-saving advantage over another firm producing 4,000 units of
output in the same industry." Do you agree or disagree? Explain.
58) Why are there so many more proprietorships than corporations, yet corporations account for so much more of
the sales of business firms in the country?
the orange square points on the marginal cost curve from low to high(16,12) (24,20),(30,36),(32,44),(34,52),(38,72)
Each firm in a constant costs competitive industry has C = 2q? + 2 and MC =
4q. Demand is Q = 400 - 10P. Next month the government will introduce a
%3D
lump sum tax of 6 dollars. How many firms would exit this industry in
response to the lump sum tax?
Chapter 15 Solutions
MICROECONOMICS
Ch. 15.1 - Prob. 1QCh. 15.1 - Prob. 2QCh. 15.1 - Prob. 3QCh. 15.1 - Prob. 4QCh. 15.1 - Prob. 5QCh. 15.1 - Prob. 6QCh. 15.1 - Prob. 7QCh. 15.1 - Prob. 8QCh. 15.1 - Prob. 9QCh. 15.1 - Prob. 10Q
Ch. 15 - Prob. 1QECh. 15 - Prob. 2QECh. 15 - Prob. 3QECh. 15 - Prob. 4QECh. 15 - Prob. 5QECh. 15 - Prob. 6QECh. 15 - Prob. 7QECh. 15 - Prob. 8QECh. 15 - Prob. 9QECh. 15 - Prob. 10QECh. 15 - Prob. 11QECh. 15 - Prob. 12QECh. 15 - Prob. 13QECh. 15 - Prob. 14QECh. 15 - Prob. 15QECh. 15 - Prob. 16QECh. 15 - Prob. 17QECh. 15 - Prob. 18QECh. 15 - Prob. 1QAPCh. 15 - Prob. 2QAPCh. 15 - Prob. 3QAPCh. 15 - Prob. 4QAPCh. 15 - Prob. 5QAPCh. 15 - Prob. 1IPCh. 15 - Prob. 2IPCh. 15 - Prob. 3IPCh. 15 - Prob. 4IPCh. 15 - Prob. 5IPCh. 15 - Prob. 6IPCh. 15 - Prob. 7IP
Knowledge Booster
Similar questions
- Consider our discussion on technological change. Assume for the moment that 3D printers become as cost effective as injection molding. In the long run, how does this impact firms, the industry, consumers and society? Part a) Consider the change in minimum effective scale (MES) Part b) How would the industry change Part c) How would benefit, who would be hurt?arrow_forwardHow would you describe Black Diamond’s ethics in terms of how it treats its employees at the company’s factory partners in Vietnam, China, and Bangladesh? Do you think that it is appropriate for firms like Black Diamond to scrutinize its partner factories like this? Why or why not? >> The way that Black Diamond is run, I don't really consider this the American way, I consider Black Diamond an extension of the attitude, the culture, the ethos, and the values of the life defining mountain sports that we were founded to serve. In Salt Lake, like every two to three months stay here for one week to two weeks and but we work together on a daily basis. >> What is most important to the success of Black Diamond is our unique culture and in all of the, in all of our locations the people that we've put in place there to lead those businesses, they all have a real passion for these activities. They have spent substantial time here. They've been immersed in this culture. They see how…arrow_forwardThe graph below shows a particular firms marginal revenue (mr) marginal cost (mc) and average total cost (atc) curves, where the market is competitive. Suppose that a new management team is brought in and that this team is initially less concerned about maximizing profits than it is simply about making a profit. What range of production quantities will allow the firm to operate while earning a profit? Give you're answer by dragging the qmin to Qmax lines into their correct positions. The output will need to lie somewhere between those limits.arrow_forward
- Which returns to scale will an efficient firm choose? What market structure has no loss in long run? What production function shows the maximum quantity of goods or services that can be produced with a set of inputs assuming one of the inputs used remains unchanged? Capacity planning refers to adjustment in production considering the what? What can destroy monopoly position?arrow_forwardDiscuss this statement. "An understanding of the causes and consequences of performance ambiguity is central to the issue of organizational design in multinational firms."arrow_forwardWindies Cricket manufactures Windies supporter jerseys. The quantity q, of these jerseys demanded weekly is related to the wholesale price per jersey p, by the following equation: P = 0.006q+15 The weekly total cost incurred by Windies Cricket for producing q jerseys is: C(q) = 38q - 0.02q² + 30,000 d. Will Windies Cricket record a loss or profit if they were to produce and sell 2450 jerseys? e. If Windies Cricket wishes to maintain a total cost less than $42,000.00, what range(s) of Windies jerseys should be produced. f. Calculate the equilibrium price and quantity for Windies jerseys.arrow_forward
- Give only typing answer with explanation and conclusion The market demand for a monopoly firm is estimated to be: Qd = 100,000 - 500P + 2M + 500PR where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to be AVC = 520 - 0.03Q + 0.000001Q2 Total fixed cost in 2016 is expected to be $4 million. The profit-maximizing price for 2016 is $80. $100. $260. $520. $560.arrow_forwardQ3) Answer any two of the following: "Due to the Corona pandemic, the energy industry has been affected at varying levels, and petroleum-producing countries have incurred losses for more than a year". Use this text to clarify the following economic concepts: A) Revenues B) Marginal costs C) Average Costsarrow_forward3-) Use the following information to answer the questions below: The Kentucky Coal Company sells its coal in a nearly perfectly competitive market. It estimates its total costs of production as TC=1000+40+0.0502 where Q-tons of coal per day. a-) What is the fixed cost for this firm? b-) What is the total variable cost when quantity is 10 units? c-) What is the marginal cost of producing 10 units? I P(S) 15 ATC 10 S A 125 150 160 4-) How much profit does the profit-maximizing monopolist pictured in the diagram have? MCarrow_forward
- 1. The Bergen Company and the Gutenberg Company are the only two firms that produce and sell a particular kind of machinery. The demand curve for their product is P = 580 – 3Q where P is the price (in dollars) of the product, and Q is the total amount demanded. The total cost function of the Bergen Company is TC,=410QB В where TC, is its total cost (in dollars) and QR is its output. The total cost function of the Gutenberg Company is TC, = 460QG where TC, is its total cost (in dollars) and Q, is its output. • If these two firms collude and they want to maximize their combined profit, how much will the Bergen Company produce? b. How much will the Gutenberg Company produce? c. Will the Gutenberg Company agree to such an arrangement? Why or why not?arrow_forwardAuthor who define descriptive element and analytical element of industrial economicsarrow_forwardPlease solve in 20 minutearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
- Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics: Applications, Strategies an...EconomicsISBN:9781305506381Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. HarrisPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics: Applications, Strategies an...
Economics
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:Cengage Learning