questions 5 and 6 1. Which market structure(s) will have zero economic profits in the long run?The perfect competition market structure.2. Which market structure(s) will be a price maker and have barriers to entry?The monopoly market structure.3. There are currently 8 firms in a particular market. There firm sales are given in the table below. (1)What is the four-firm concentration ratio for this industry? (2) Would you classify it as an oligopoly?60%.4.Firm123456783.1 Four Firm concentration ratio= 71.43%3.2 You would classify it as an oligopoly because the concentration ratio is greater thanSales$1,000$1,500$2,000$2,500$3,000$1,000$500$2,500Airhough market structures vary widely in their characteristics, (1) what is one common aspectamong all of them? (2) What is the potential calculation for your previous answer (Answers in4.1)?4.1 One thing that all the market structures have in common is that they are all motivatedby the desire to make a profit and serve a sufficiently large consumer base.4.2 Only monopoly and oligopoly enterprises generate supernormal earnings, whereasmonopolistic competition generates supernormal profits in the short run. In perfectcompetition, economic profit is zero for most firms in the long run.5. In the long run, (1) which market structures are likely to have their average cost curve just sit ontop of their demand curve? (2) What does this imply for each market structure? (3) Are there anydifferences in the market structures you gave in your previous answer?5.16. What market structure(s) are likely to cause a net loss to societal welfare?

The Long run is the time period when all aspects of production are variable and can therefore be…

5. In the long run, (1) which market structures are likely to have their average cost curve just sit on top of their demand curve? (2) What does this imply for each market structure? (3) Are there any differences in the market structures you gave in your previous answer? 5.1 6. What market structure(s) are likely to cause a net loss to societal welfare?

5. In the long run, (1) which market structures are likely to have their average cost curve just sit on top of their demand curve? (2) What does this imply for each market structure? (3) Are there any differences in the market structures you gave in your previous answer? 5.1 6. What market structure(s) are likely to cause a net loss to societal welfare?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Construct the chain indices from the following price relatives of four commodities using geometric mean as an average. Price Relatives of Commodities Year A B C D 1951 14.6 21.6 250.0 119.0 1952 12.7 13.8 159.0 128.0 1953 12.1 15.0 130.0 111.0 1954 121.6 241.6 216.0 165.0
The number of times a sound wave vibrates in one second is called: a) Amplitude b) Frequency c) Wavelength d) Speed
6
Hayfever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay. Use the information presented in the table to answer three questions. Number of acres MC $ MR $ (hay) MR $ (marijuana) 10 320 730 5,600 20 200 730 5,600 30 540 730 5,600 40 730 730 5,600 50 1,200 730 5,600 60 3,200 730 5,600 70 5,600 730 5,600 80 6,700 730 5,600 If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? area devoted to hay:_______ acres If the owners decide to only grow marijuana, how many acres should Blissful Acres devote to growing marijuana in order to maximize profits? area devoted to marijuana:_______ acres Which outcome likely happens due to the legalization of marijuana production and consumption? The number of growers…
Is there any graph that can support this answer?
How would you describe a correlation of -1? Group of answer choices There is a perfect linear relationship between x and y. There is a strong positive relationship between x and y. There is no relationship between x and y. There is a weak negative relationship between x and y. thanks
Consider the following data: −9,13,−14,−14,−9,−14,−9−9,13,−14,−14,−9,−14,−9 Copy Data Step 3 of 3: Calculate the value of the range.
Can you please answer (Question.4) below?
Results Real Estate had 6 home sales during the week: $150,000, $140,000, $240,000, $158,000, $3,200,000, and $150,000. What is the median?
Data Collection: You will collect economic data (i.e., GDP, size of population in millions, labor force in millions, per capita income, unemployment rate in percentage, and consumer price index) of the six selected countries (United States, China, Brazil, Botswana, Sweden, and Saudi Arabia).
The board of a football club consists of three extremely wealthy owners and five fans of the club. To decide on a proposal, the board uses a voting game in which all three wealthy owners and at least two fans must vote in favour in order for the proposal to be accepted. (a) Show that the voting game use by the board for deciding whether to approve a motion can be weighted. (b) For the voting game used by the board, find the Shapley-Shubik index of each fan. Hence, or otherwise, find the Shapley-Shubik index of each extremely wealthy owner. (c) Suppose that the board changes the voting game used to decided whether to ap- prove a proposal so that, in order to be approved, at least two extremely wealthy owners and at least three fans must vote in favour of the proposal. Can this voting game be weighted? Brieflv iustifv vour answer.
A television station would like to hold a two-day marathon of a police procedural show. They post a survey and ask viewers to rank their favorite shows. The results are compiled in the preference schedule below. Number of Votes 47 40 25 47 80 1st Choice NCIS NCIS CSI CSI Criminal Minds 2nd Choice CSI Criminal Minds NCIS Criminal Minds CSI 3rd Choice Criminal Minds CSI Criminal Minds NCIS NCIS The television station decides to select the winner by using the Copeland Method. What show will the station highlight in the two-day marathon? Make sure to include an explanation along with your answer.