ENGR.ECONOMIC ANALYSIS
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ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- If a perfectly competitive market is in long-run equilibrium, then the market is: productively efficient only. neither productively nor allocatively efficient. both productively and allocatively efficient.arrow_forwardFarmer Smith grows apples. The average total cost and marginal cost of growing apples for an individual farmer are illustrated in the graph to the right. Suppose the market for apples is perfectly competitive. If the box, then to maximize profits, farmer Smith should produce apples. (Enter a numeric response using an integer.) market price is $32 per thousand boxes of Price and cost (dollars per box) 40 MC 36- Q AIC Price C 32 28 24 20 16 17 12- &- 4- 0 10 20 30 40 50 60 70 80 Quantity of apples (boxes per month in 1000s) 90 100arrow_forwardthen, plot the supply curve and equilibrium on the second photoarrow_forward
- In a perfectly competitive market, what is the marginal revenue curve?arrow_forwardHow do firms in a competitive market work?arrow_forwardProductive efficiency and allocative efficiency are two concepts achieved in the long run in a perfectly competitive market. These are the two reasons why we call them “perfect.” How would you use these two concepts to analyze other market structures and label them “imperfect?”arrow_forward
- What is the most important decision a perfectly competitive firm must make in order to maximize profit? what quantity to produce what price to charge what quality to produce what quantity of labor is neededarrow_forwardDraw a graph of a typical firm and an industry market (with supply and demand). Illustrate and explain what happens in the market if at the initial price, the typical firm is earning an economic profit. Show and explain how the two graphs will adjust toward market equilibrium.arrow_forwardIn microeconomics long run equilibrium will prices rise or fallarrow_forward
- If demand for the peach industry is given by P=100-.04Q and supply is given by P=.01Q.Assume the market is perfectly competitive. What is the market price? $arrow_forwardHow did the lauch of Apple's ipad effect the competitive market environment? High prices and high profits in a competitive generally lead to new suppliers entering the market, prices sliding down the market demand curve, the market supply curve shifting to the right, and significant product and technological innovation.arrow_forwardHow do price controls affect the workings of a perfectly competitive market? Use a supply demand diagram as part of your answer.arrow_forward
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