Create a firm model (two graphs, one for total units and one for marginal units) that shows how economists explain the firm level of production that maximizes its profit. Do not use numbers. Just graphs and detailed explanations. Show why the equilibrium point shows the maximum possible profit & and that any other point will not reflect a quantity that maximizes the firm profit. Derive the supply function from the firm theory. Do not use numbers. Just graphs and detailed explanations.

Q: On the following graph, use the orange points (square symbol) to plot the portion of the firm's…

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Q: In the short run, firms will . In the long run, the supply curve will On the previous graph, show…

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A: A firm is in long run when the firm can change all inputs and there is no fixed cost.

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A: In a perfectly competitive firm there are large number of firms selling identical product.

Q: Use the following general linear supply function: Qs = 40 + 6P - 8PI + 10F where Qs is the…

A: Given supply function :- Qs = 40 + 6P - 8PI + 10F PI = $20 F= 60

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Q: Which of the six cases are monopolies or might give rise to monopoly?

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Q: Question 2 For each of the following events identify which of the determinates of demand or supply…

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Q: Consider the competitive market for steel. Assume that, regardless of how many firms are in the…

A: Below is the table:

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Q: Derive the supply function from the firm theory. Do not use numbers. Just graphs and detailed…

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Q: Suppose that there is a decrease in the number of firms in the market. 1.) Using the line drawing…

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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: If input costs are falling for the firms in a competitive industry, this will cause: A a leftward…

A: If the input cost are falling for the firms that means the cost of production will reduces.

Q: George​ Stigler, "Perfect​ Competition, Historically​ Contemplated," Journal of Political…

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Q: b. A Single firm, protected by a barrier to entry, produces a personal service that has no close…

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Q: ost functions and competitive markets Assume each firm in a competitive market (i.e., they produce…

A: Given information: P = 220 - 0.5Q ----------> market demand curve C = 1500 + 20Q ------------>…

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A: 1. A stock market crash, will bring about a decrease in the wealth of the people, which will result…

Q: Consider a competitive market where there are two types of firms, Type A and Type B, with total cost…

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Q: How many of the following statements are true? (i) Maximising profit involves maximising Revenue…

A: Profit maximization is the ultimate goal of the firm.

Q: n competitive markets, there are many small firms with each firm unable to influence the market…

A: P = $20 TC = 50 + 2Q + 3Q2 MC = 2 + 6 Q Competitive market equilibrium,  P = MC  20 = 2 + 6 Q Q…

Q: Suppose the price of bagels in Allentown is currently S0.90 per bagel. There are 10 low-cost…

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Q: How applicable is this assumption of market clearing to the market for fast food meals in the short…

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Q: Assume that a firm in a competitive market faces the following cost information. If the market price…

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Q: Show what happens in the short run on both graphs when a new medical study shows soybeans to be…

A: When the study made on the soyabean results that it is carcinogenic, the market demand for the…

Q: In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE², with a, b…

A: Harvest function : H(E) = aE - bE2 Total Cost function : TC (E) = cE  Total Revenue : TR (E) = pH(E)…

Q: Part a) True or False: In a competetive market, a firm's short run supply curve is sloping upwards…

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Q: The blue curve on the following graph represents the demand curve facing a firm that can set its own…

A: A manufacturer's extra money by selling one more unit of his product is referred to as "marginal…

Q: Describe the course of events in a competitive market following a permanent increase in demand. What…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Evaluate the view that the main goal of firms will always be profit maximization.

A: Profit maximization is a condition when firms want to maximize their profit.  It is calculated by…

Q: Consider a perfectly competitive market where variable input markets are also perfectly competitive…

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Q: PRICE (Dollars per pound) 10 Suppose that the shrimp industry is in long-run equilibrium at a price…

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