Question: If a representative firm with long run total cost given by TC 50+24+24 2 operates in a competitive industry where the market demand is given

If a representative firm with long run total cost given by TC 50+24+24 2 operates in a competitive industry where the market demand is given by OD 1,410 - 40 P. in the long-run equilibrium there will be 60 firms 98 firms. 106 firms 110 firms 120 firms

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Please answer the following questions Question 1 ? 2 V 3 2 4 2 5 V 2:39 PM Assignments Status : Assignment List . A monopoly has long run total cost given by: TC = 74 + 7*Q + 0.7*Q2, where Q...

Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market...

Answer all questions.Show all calculations.Provide economic reasoning. Draw graphs whenever necessary. Do not useExcel for calculations. 1. Use the data below to answer the following questions. Labor...

Q#1 (40 marks) Suppose the firm's production function is given as Q = 10KL , where L is labor, K is capital. 1) Calculate the elasticity of substitution of this production function. (5marks ) 2) What...

4- Let U(X,Y) = JXY. Let I = $100, Px = $10 and P, = $10 be the initial set ofprices and income. Now, let P,' rise to $25. What are the substitution and income effects of this change in prices? A)...

the course code is ECO101/ ECO100 Suppose we are studying a coffee shop, that sells only coffee, and operates in a monopolistically competitive environment. This coffee shop sells coffee made from...

1. In the short-run, there are three stages of production. Identify or define each of these and then discuss why a Manager would never knowingly produce in either Stage I or Stage III. 2. Suppose you...

Problem 1: Monopolistic Competition [8 Points] Suppose we are studying a coffee shop, that sells only coffee, and operates in a monopolistically competitive environment. This coffee shop sells coffee...

Q#1 (40 marks) Suppose the firm's production function is given as Q = 10KL, where L is labor, K is capital. 1) Calculate the elasticity of substitution of this production function. (5marks ) 2) What...

Swifty Corporation prepared a fixed budget of 40000 direct labor hours, with estimated overhead costs of $200000 for variable overhead and $90000 for fixed overhead. Swifty then prepared a flexible...

In the late 1990s, many companies were pursuing acquisition-based growth strategies. A notable example is the acquisition of MCI by WorldCom, which proved to be a failure. A salient feature of this...

If P dollars are invested for T years at simple interest rate r, the future value of the investment is A=P+Prt. If $1,700 invested for 9 years gives a future value of $3,689, what is the simple...

CT Corp Comprehensive Question Canadian Tire Corporation, Limited (Canadian Tire) is a family of companies that includes a retail segment and a financial services division, among others. The retail...

5. Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit. LO1

4. What is meant by the term utility, and how does it relate to purposeful behavior? LO1

3. Which of the following decisions would entail the greater opportunity cost: allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the...