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Explain why the alternative of the industry supply curve based on constant returns is not
viable for Marshall’s theory of value.
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- Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.When economists talk about a barrier to entry, they are referring to a.the downward-sloping portion of the long-run average total cost curve. b.a factor that makes it difficult for potential competitors to enter a market. c.the opportunity cost of equity capital that is incurred by a firm producing at minimum total cost. d.the declining output experienced as additional units of a variable input are used with a given amount of a fixed input.Dalahla Company Limited, focusing on producing tooth paste (in units) has a demand function4? = 35 − 0.5?. If total fixed cost is GH¢80 and average variable cost per unit function is 3? −51+325/Q, where Q is number of tooth paste produced and P is the price per tooth paste (in GH¢).What is the total profit at the profit maximizing level of output, and what is the best pricing policyoption?
- Given the cost information in the previous question and an industry demand function of Q = 2400 - 5p, how many firms are in this industry in the long-run equilibrium?Suppose that demand for a particular style of handmade Rwandan baskets is Qd = 1700 – 10P. Each basket maker has the following cost function: TCi = 1000 + 50 qi + .1 qi^2. Given this information, find the market outcomes under the various market structures below Perfect competition, long-run. Given the same cost functions above, find the long-run equilibrium quantity per firm, the LR market price, market quantity and equilibrium number of firms. What is the profit or loss per firm? What is MCi and ATCi?Which of one of the following statements about Sutton's theory about the role of sunk cost in the determination of market concentration is the most accurate? A. Sunk cost should be treated as an endogenous variable for all industries. B. Sunk cost should be treated as an exogenous variable for all industries. C. None of the other statements is accurate. D. Sunk cost can be treated as an exogenous variable in some industries, but should be treated as an exogenous variable for advertising or R&D intensive industries.
- Multiplying one firm’s short-run supply function to the number of firms in a specified industry will give you the short-run market supply function. True or false.In perfectly competitive markets, the market long-run supply curve is: downward sloping if the average costs for all firms fall as the industry expands downward sloping in quantity if there are diseconomies of scale always horizontal upward sloping for firms with large fixed cost none of the other answers are correct Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.a. Find the input demand (x), output supply (y), and profit function for the technology, y = ln(x), where y = 0 for x ≤ 1. b. Use Hotelling’s Lemma on the profit function in part (a) to find the input demand for x and the output supply for y.
- If each of 100 firms in a competitive industry has the following Marginal Cost function (i.e., firm supply function), P = 10 +100Qi What is the short-run industry supply function? (where lowercase subscript "i" is for the firm and uppercase "I" is for the Industry)Consider a competitive industry with a market demand curve of P = 120 - Q, where P is market price and Q is the quantity demanded in the market. In the short run there are 4 firms in the industry, and each firm has a total cost function of TC = 144 + q^2, where q is output of the individual firm. The short-run industry supply curve Qs is?A Jakarta City cab operator appears to be making positive profits in the long run after carefully accounting for the operating and labor costs. Does this violate the competitive model? Why or why not?
