Homework Answers
Answer
a. Its an imperfect competition, as the profit maximising quantity is at MR=MC and itsearnig supernormal profits
b. Where there are a low number of suppliers
c. The market suppliers earn econnomic profits , where i part 1 there was no economic profits
d. Equilibirum price is at P and equilibirum quatity is at Q.
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PART 2 Costs & Revenue MC ATC Super-formal profits AR 0 Q MR Output Reconciso a....
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Market Structure Project 2020 - Compatibility Mode - Word Costs & Revenue Demand relatively ELASTIC MC...
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Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand + 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of jackets) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is less than the efficient scale. True or...
PART 1 Costs & Revenue Price MC The INDUSTRY is the price maker The SINGLE FIRM IS a price taker S ATC ARMR D Q Q Quantity Output Price Costs Revenue The INDUSTRY is the TSINGLES a proto MC pro NOIVAL proft in the US ATC AR-MR P1 AR-MR D Q01 Q10 Output a. What type of market structure is shown in the diagram above and how did you determine this? b. What are the firm's short run profit maximizing...
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Market Structure Project 2020 - Compatibility Mode - Word Costs & Revenue Demand relatively ELASTIC MC P1 ATC Demand is relatively INELASTIC P2 ARD 01 O Q2 MR Output Copyright www.economics.co.uk Costs & Revenue MCI MC P1 P3 P A large increase in costs causes only a small increase in price ATO P2 AR=D Q1Q3 02 MR Output I a. What type of market structure is shown in the graph above and how did you determine this? b. What would...
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