Business, 31.03.2020 04:25 dmoore6859
Consider a perfectly competitive market for sandwiches. All firms in this market are identical, with total costs T C = 1 2 q 2 + 5q + 18 and marginal costs MC = 5 + q, where q is the quantity an individual firm produces. Market demand is given by QD = 175 2 − 5 2 P. (a) Find the break-even price and quantity for a firm in this market. (b) What is the supply curve of an individual firm in this market? (c) Suppose there are currently 5 firms in the market. What is the market supply curve? (d) Find the equilibrium market price and quantity. How many sandwiches will each firm produce, and what will be each firm’s profit? (e) In the long-run equilibrium, what will each firm’s profit be? What will happen to the number of firms in the market? Explain. (f) User your answer from (e) to determine the market price and firm quantity in the long run. (g) What will the market quantity be in the long run, and how many firms will be in the market?
Answers: 1
Other questions on the subject: Business
Business, 22.06.2019 08:30, BigDough9090
Acompany recorded a check in its accounting records as $87. however, the check was actually written for $78 and it cleared the bank as $78. what adjustment is needed to the personal statement? a. decrease by $9 b. increase by $9 c. decrease by $18 d. increase by $9
Answers: 2
Business, 22.06.2019 21:00, diablo871
Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be:
Answers: 3
Business, 22.06.2019 21:10, dezmondpowell
Skychefs, inc. prepares in-flight meals for a number of major airlines. one of the company's products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. during the most recent week, the company prepared 4000 of these meals using 960 direct labor hours. the company paid these direct labor workers a total of $19,200 for this work, or $20.00 per hour. according to standard cost card for this meal, it should require 0.25 direct labour-hours at a cost of $19.75 per hour.1. what is the standard labor-hours allowed (sh) to prepare 4,000 meals? 2. what is the standard labor cost allowed (sh x sr) to prepare 4,000 meals? 3. what is the labor spending variance? 4. what is the labor rate variance and the labor efficiency variance?
Answers: 3
Business, 23.06.2019 01:30, jasoncarter
Why would adjusting the money supply be expected to increase economic growth during a recession? a) increasing the money supply will encourage more saving. b) increased money supply will encourage more spending and investment. co) decreased money supply will encourage more spending and investment. d) recession is caused by too much
Answers: 3
You know the right answer?
Consider a perfectly competitive market for sandwiches. All firms in this market are identical, with...
Questions in other subjects:
Chemistry, 26.02.2020 23:27
