Suppose the market equilibrium price of wheat is Rs.2 per bushel in a perfectly competitive industry. Draw the industry supply and demand curves and the demand curve for a single wheat farmer. Explain why the wheat farmer is a price tracker

The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 20 1.00 25 2.00 1.20 30 2.46 1.41 35 3.51 1.71 40 4.11 2.01 45 5.43 2.39 50 5.99 2.75 55 8.47 3.27 Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? pairs b. At the profit-maximizing quantity, what is the total cost of producing ear buds? 2$ c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? 2$

what is the effect on the market price and output of hambyrgers with reference to the following? A. An increase in the income of consumers B. wide spread disease of beef C. Dramatic improvement in fast food technology

Calculate the consumer surplus if the industry is perfectly competitive according to this diagram in the image.

Assume the following inverse market demand curve given by  p = a - bQ.Marginal cost of Firm 1 is m  and that for Firm 2 is m + x and x > 0.Calculate the equilibrium quantities and market price.

The figure below depicts the market supply and demand for the perfectly competitive rollerblade industry. S Price per pair of Rollerblades 1,140 070 50 150 Number of pairs of Rollerblades per week Based on the figure above, if the current quantity demanded of rollerblades is 150 per week, you accurately predict that in the short run, Q Select one: a. price and quantity supplied will increase and quantity demanded will decrease. b. price and quantity supplied will decrease and quantity demanded will increase. c. price, quantity supplied and quantity demanded will increase. d. price, quantity supplied and quantity demanded will decrease.

A product wheat is produced under perfect competitive market structure. The market demand and supply are given by equations below QD = 170, 000, 000 – 10, 000, 000 P QS = 70, 000, 000 + 15, 000, 000 P Find the equilibrium price and quantity. Suppose one firm leaves the market with the supply equation   QS = 1000 + 1000P. Then find new equilibrium price and quantity and interpret your results?

The canola farming industry is perfectly competitive. Assume that it is in long-run equilibrium at quantity Q0 and price P0. Assume also that it is a constant-cost industry.   a) Draw a supply and demand diagram for the canola market showing this equilibrium b.) draw diagram for a typical canola growing farm in its initial long run equilibrium, showing its Marginal Cost, Average Total Cost, and Long Run Average Cost curves. Are there any profits being made by this firm?

Sleek Sneakers Co. is one of many firms in the market for shoes. Show the effect that positive profits has on the demand curve faced by Sleek in the long run. Price Quantity Demand 中 Demand ?

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?