Bundle: Principles of Economics, 8th + MindTap Economics, 1 term (6 months) Printed Access Card
Bundle: Principles of Economics, 8th + MindTap Economics, 1 term (6 months) Printed Access Card
8th Edition
ISBN: 9781337378710
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 14, Problem 6QR
To determine

The competitive firm’s price that is equal to marginal cost in the short run and the long run.

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Does a competitive firm’s price equal the minimumof its average total cost in the short run, in the longrun, or both? Explain.
Consider the perfectly competitive market for tofu. Many people use tofu as a substitute for meat. Starting from long-run equilibrium, show graphically what happens in the short and long run to q. Q, P, and in the market for tofu (in comparison to the starting point) if the price of meat is increasing.
What is the equilibrium or profit-maximizing quantity of production for a perfectly competitive firm?
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