Question: Suppose that a competitive firm long run supply curve is given
Suppose that a competitive firm long-run supply curve is given by the expression QF = -500 + 10P. Does this mean that the firm will supply -500 units of output at a zero price? If so, what does output of -500 units mean?
Answer to relevant QuestionsThe long-run supply curve for a given competitive firm can be written as QF = -250 + 8P or P = $31.25 + $0.125QF. Explain why the amount supplied by 50 such competitors is determined by multiplying the first expression by ...Florida is the biggest sugar-producing state, but Michigan and Minnesota are home to thousands of sugar beet growers. Sugar prices in the United States average about 20¢ per pound, or more than double the world-wide ...Bada Bing, Ltd., supplies standard 256 MBRAM chips to the U.S. computer and electronics industry. Like the output of its competitors, Bada Bing's chips must meet strict size, shape, and speed specifications. As a result, ...Both employers and employees pay Social Security (FICA) on wage income. While the burden of this tax is designed to be borne equally by employers and employees, is a straight 50/50 sharing of the FICA tax burden likely? ...To many upscale homeowners, no other flooring offers the warmth, beauty, and value of wood. New technology in stains and finishes call for regular cleaning that takes little more than sweeping and/or vacuuming, with ...
Post your question