ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Questions 1 through 6 will ask you to consider the market for antibiotics. On November 23, 2022, the New York Times published a story titled “Flu and R.S.V. Hit the Holidays, Heightening Demand for Antibiotics and Antivirals”. You do not have to read the story to understand the setup of these questions. Please, carefully read each question to understand when these changes are introduced into the initial scenario. Here is what you should focus on to complete your analysis.
- For this analysis, assume the antibiotic market is
perfectly competitive , demand is downward-sloping, supply is upward-sloping, and production technology results in traditional U-shaped MC,ATC , andAVC - Finally, for all questions, assume market price is always greater than the minimum of the AVC
You will be using the same graph in all questions that require a graph (Questions 1, 3, and 5), with each question asking you to add new elements to the graph as part of your analysis.
QUESTION 2-
Please refer to your graph in Question 1. Provide a brief narrative explaining the conditions that must be satisfied, including the profitability of an individual firm, in a perfectly competitive industry’s LRE. Explain what the representative firm’s economic profit is in this state and how it is achieved.
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