B: Theory: Market power Terminology: diminishing returns to scale (DRS), constant returns (CRS), increasing returns (IRS) 3. A firm with positive fixed costs encounters CRS and then DRS as it expands production. Show the firm's marginal costs, average variable costs, and average costs in a suitably labelled graph. (careful...) 4. We are in a perfectly competitive market, in which all firms are identical. Market demand is downward sloping. a. Draw the market supply, demand, and equilibrium. b. At present, our firm is producing new widgets for £1.15 and the market price is £2. Is the firm maximising profits? Is the firm in profit or loss?

B: Theory: Market power Terminology: diminishing returns to scale (DRS), constant returns (CRS), increasing returns (IRS) 3. A firm with positive fixed costs encounters CRS and then DRS as it expands production. Show the firm's marginal costs, average variable costs, and average costs in a suitably labelled graph. (careful...) 4. We are in a perfectly competitive market, in which all firms are identical. Market demand is downward sloping. a. Draw the market supply, demand, and equilibrium. b. At present, our firm is producing new widgets for £1.15 and the market price is £2. Is the firm maximising profits? Is the firm in profit or loss?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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