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 Because you know that competitive firms earn_ per pound. From the graph, you can see that this means there will be True per pound. At that price, firms in this industry the rhodium market. economic profit in the long run, you know the long-run equilibrium price must be firms operating in the rhodium industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. O False

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Suppose that the industry demand curve is given by the following quantity demanded = 100 – 0.5 output. In equilibrium, the market price is equal to 6 pesos per unit. q TR MR TFC TVC TC AC AVC AFC MC Profits 0     10               1                 5   2                 3   3                 2   4                 1   5                 2   6                 3   7                 4   8                 5   9                 6   10                 7   11                 8     Assuming that the firm operates in a perfectly competitive market, supply the missing values in the table above. You may use a spreadsheet program to compute the values but must provide a step-by-step…

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Profit is the incentive that drives our market economy. Firms make production, pricing, andhiring decisions based on their quest for profit. But what happens when a firm discoversthat it can make dramatically higher profits by stopping production altogether? In December2000, due to wild swings in the market for electricity, Kaiser Aluminium faced just such adecision.Kaiser Aluminium had contracted with Bonneville power for all of its electricity needs andfound itself in the unique position of being an electricity consumer and, potentially, anelectricity reseller. By December 2000, Kaiser faced a difficult decision of continuing itscurrent aluminium production and profit levels, or closing the plant to dramatically increaseits profit by simply reselling its electricity.When making production decisions, firms must consider both their costs and revenues. Oneimportant concern for many firms is utility costs. In 1996, Kaiser Aluminium Corporation inSpokane, Washington, entered into a…

In India, Cisco’s market share of the Ethernet switch and router market is approximately 67 percent. Juniper and HP each have market shares of about 6.5 percent, and several other firms have somewhat smaller market shares. Draw a diagram showing the equilibrium in this dominant firm market. Identify the equilibrium price and the equilibrium quantity produced by the dominant firm and the competitive fringe firms. Illustrate what happens to the equilibrium price and the equilibrium quantity produced by the dominant firm and the competitive fringe firms if additional fringe firms enter the market

Give typing answer with explanation and conclusion  Sort the following characteristics by whether they describe competitive markets, firms that can perfectly price-discriminate, both, or neither.   maximize total surplus   result in some deadweight loss   zero economic profit in the long run   eliminate consumer surplus

Henry Potter owns the only well in town that produces clean drinking water. He faces the following demand, marginal revenue, and marginal cost curves: 1 Demand: P=100-Q Marginal Revenue: MR 100-20 Marginal Cost: MC=10+Q On the following graph, use the blue line (circle symbol) to graph Mr. Potter's demand curve. Then, use the black line (cross symbol) to graph his marginal revenue (MR) curve. Next, use the orange line (square symbol) to graph his marginal cost (MC) curve. Finally, use the grey point (star symbol) to indicate the profit-maximizing price and quantity. Price (Dollars) 110 100 90 NO 70 60 50 30 -20 30 40 60 60 -70 -60 90 110 30 50 70 80 90 Quantity (Units) Demand MR MC * Profil-Maximization The profit-maximizing quantity is units, and the profit-maximizing price is $ (?) Mayor George Bailey, concerned about water consumers, is considering a price ceiling that is 10% below the monopoly price. At this new price, the quantity demanded would be units. At this quantity, the…

2. In the competitive mink oil industry, each fim has the same cost function: C = 10,000 100 + 0.01q. Demand for mink oil is as follows: Q = p2 What will be the long-run equilibrium price and quantity in the market? How many fims are in the industıy?