Ask Question, Ask an Expert


Ask Microeconomics Expert

problem 1) prepare down the four basic market models and characteristics of each.

problem 2) describe characteristics of a purely competitive firm and industry.

problem 3) Describe how a purely competitive firm views demand for its product and marginal revenue from each extra unit sale.

problem 4) find out average, total, and marginal revenue when given the demand schedule for a purely competitive firm.

problem 5) Use both total-revenue—total-cost and marginal-revenue—marginal-cost approaches to find out short run price and output which maximizes profits (or minimizes losses) for a competitive firm.

problem 6) Determine the short run supply curve when given short run cost schedules for a competitive firm.

problem 7) Describe how to construct the industry short run supply curve from information on single competitive firms in the industry.

problem 8) Describe the long run equilibrium position for the competitive firm using entry and exit of firms to describe adjustments from non equilibrium positions.

problem 9) Describe the shape of long run industry supply curves in constant cost and increasing cost industries.

problem 10) Distinguish between productive and allocative efficiency.

problem 11) Describe why allocative efficiency and productive efficiency are achieved where P = minimum AC = MC.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M97923

Have any Question? 

Related Questions in Microeconomics

Problem 1 given the following total revenue tr and total

Problem 1: Given the following total revenue (TR) and total cost (TC) functions, find the quantity of output (Q) that would maximize profit (π). Note that profit function is: π = TR - TC. TR = 1400Q - 7.5Q2 TC = Q3 - 6Q2 ...

1 explain the difference between explicit and implicit

1) Explain the difference between explicit and implicit costs of production. 2) Explain the reasoning behind the U-shaped, long-run, average cost curve. 3) Explain the law of diminishing marginal returns. 4) Describe eco ...

Discussion questions1 firms made a come back by trimming

Discussion Questions 1) Firms made a come back by trimming costs, reducing unused capacity and increasing profits. List at least two issues in which they focus on. 2) What are the effects of nonperforming loans on a bank ...

Given the following chart answer the questions below

Given the following chart answer the questions below, assuming that all resources and technology are fixed for this farm. Corn(bu)    Soybeans(bu) 20,000             0 16,000             5000 12,000             9000 8,00 ...

Assignmentutilizing tools such as google scholar and scirus

Assignment Utilizing tools such as Google Scholar and Scirus locate the following: • An article advocating centralized management of the IT function; • An article advocating user-dominated management of IT. Discuss your ...

Assignment global business today - the hofstede studyrefer

Assignment: Global Business Today - The Hofstede Study Refer to Hofstede model in Chapter 4 of the textbook and the Global Business Today Interaction located below, and complete this assignment. Note: You must have a Fla ...

Assignmentdoes your organization have a project portfolio

Assignment Does your organization have a project portfolio management process in place? Write 1100 words in APA format in response Think of a project that you have worked on. Suppose your team and any contractors associa ...

From the scenario for katrinas candiessuggest one1method in

From the scenario for Katrina's Candies,suggest one(1)method in which Herb could use a cost-benefit analysis to argue for or against an expansion. Create three optimal decision rules for Katrina's Candies(e.g.,whether to ...

From the e-activity analyze the elasticity of demand for

From the e-Activity, analyze the elasticity of demand for products within the selected industry relevant to Katrina's Candies. Determine the factors involved in making decisions about pricing these products that you beli ...

Assignmentprin mktg onlinesource ccmarketing 2012

Assignment PRIN MKTG ONLINE Source: CCMarketing (2012). PepsiAmericas A Bottler Wholesaler in the Pepsi Channel of Distribution. Essential of Marketing. McGraw Hill- Education. This video explains the channel of distribu ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate