Describe advantages and disadvantages for traditional modes of entry that would be most appropriate for entering into the chinese market.]

Continuing the previous question. The equations are reproduced here for convenience. 10 - Q. ● Marginal revenue: MR 10 - 2Q. • Total cost: TC = 3+Q+Q². Marginal cost: MC 1+Q. • Demand: P = = = = One day, the King of NoDodgers decrees that henceforth there will be free trade -- either imports or exports -- of baseball hats at the world price of $6. The firm is now a price taker in a competitive market. The domestic production of baseball hats is type your answer... hats.

Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 20 firms. PRICE (Dollars per pound) 100 90 80 70 80 50 40 30 20 10 0 0 125 250 375 500 825 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) Demand Because you know that competitive firms earn Supply (10 firms) True Supply (15 firms) If there were 10 firms in this market, the short-run equilibrium price of rhodium would be $ would . Therefore, in the long run, firms would False Supply (20 firms) per pound. From the graph, you can see that this means there will be ? per pound. At that price,…

Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? In the short run, both monopolists and competitive firms run, economic profit. True or False: The adjustment to long-run equilibrium takes the same amount of time for monopolies and competitive industries. (Can/Cannot) earn positive economic profits. In the long _(neither/monopolists, but not competitive/both/ competitive but not monopolists) can earn a positive