you agree with the following statement and explain why! "A firm that operates in a perfectly competitive market will earn long run economic profit by process innovation". Do represent graphically both in terms of individual firm and the market.

Q: Suppose the total cost function of a firm that produces hotdogs is C = 150q - 4q + 2q' where q is…

A: As per the given information Total cost is : C = 150q -4q2 +2q3 Marginal cost : MC = 150 - 8q +6q2…

Q: Which of the following statements about institutions is incorrect? O a. The implied covenant of good…

A: Property rights, honest administration, political stability, a solid legal system, and competitive…

Q: You are asked to employ the studied model of Perfect Competition to analyse the fishers in the…

A: A theoretical market structure is referred to as perfect competition. There are no monopolies under…

Q: What industry does China have a labor shortage. Explain

A: China is experiencing a growing labor shortage, putting pressure on the manufacturing sector. While…

Q: Bordeaux wine sold at auction. The vineyards in the Bordeaux region of France are known for…

A: Answer -   T-statistics :-  T statistics can understand the deviation from hypotheical values to…

Q: consumer surplus

A: First, find the equilibrium price and quantity. Qd = Qs10 - 0.3P = -2 + 0.9P10 + 2 = 0.9P + 0.3P12 =…

Q: P P=7 lo=7 On the following diagram if there is a tax of $3 dollars imposed on sellers, what is the…

A: Price of good is determined by the market forces demand and supply interaction . And tax burden is…

Q: Suppose we let: S: TF or P = 1 + 0.5 Q D: TF or P = 15 – 2Q a. Solve for the equilibrium price and…

A: We are going to find equilibrium price and quantity to answer this question..   Note: as per the…

Q: QUESTION 3 The 1928 Pact of Paris (the Kellogg-Briand Pact) a. unequivocally banned all wars,…

A: 3. The accord was multilateral.

Q: What is micro economics?

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: A monopolist earns $60 million annually and will maintain that level of profit indefinitely provided…

A: Answer; Monopolist earns annually =$60 million The opportunity cost of funds =10%=0.10 The…

Q: 5. Please explain the pros and cons of using cryptocurrency in a country.

A:

Q: You have a net worth of $901395 and a utility function given by u(w) = w0.5. If your house %3D…

A: Given  Net worth W=$901,395 The probability that the house catches fire =0.03 Losses due to fire…

Q: Assume the Federal Reserve has a federal funds rate target (ffr*) at 1.5%. If there is an unexpected…

A: Answer-   Target Rate :- It is rate that central bank intends to target keep interest rate around…

Q: Commercial banks hold governments bonds of £71, reserves of £61, and currency of £48. The public…

A: As given data Reserve = £61 Currency of £48 by banks and £100 by public  Deposits = £1000

Q: The impacts of a (a) budget deficit and (b) capital flight on the equilibrium in the open economy…

A: Budget deficit is a financial situation where by a government of a country borrows more than what it…

Q: Cost function C = 80q - 3q2 + q3 If MC function is 80-6q+3q2, At what output level the average cost…

A: Answer to the question is as follows:

Q: Question: summarize the case You are an attorney working for a large law firm. Anthony, Paul…

A: The goal of summarizing is to offer context for your argument/thesis by succinctly presenting the…

Q: 4. Ball Bearings, Inc., faces costs of production as follow Quantity Total Fixed Cost Total Variable…

A: given that, total fixed cost and total variable cost we have to find firms profit or loss and was…

Q: C=725 + 0.65Yd Taxes = 600 Equilibrium Output = $4,000 the sum of investment and government…

A: Answer (1): Given, C=725+0.65YdTaxes=600Equilibrium output (Y)=$4,000G+I=?At…

Q: Consider the following table, which provides the price of beef and the price of all foods from 2014…

A: Relative price refers to the ratio of prices of two goods  Relative price of good 1 = 100* price of…

Q: ussessed at $792999. What is the risk premium ($) you'd be willing to gainst this fire risk? Hints:…

A: *Answer:

Q: Discuss the basic economic problem of scarcity. Be sure to include a definition of the term, how it…

A: Basic Economic problem of Scarcity: One of the most fundamental economic issues we experience is…

Q: Commercial banks hold governments bonds of £71, reserves of £61, and currency of £48. The public…

A: Answer to the question is as follows:

Q: The Competition Commission of Mauritius has been dealing with a number of cases of alleged…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: Handheld fiber-optic meters with white light polarization interferometry are useful for measuring…

A: Breakeven point is the point where firm only cover their cost or at that point Total Revenue equals…

Q: Question 13 An asset with an 8-year ADR class life costs $50,000 and was purchased on January 1,…

A: Calculate the depreciation each year D1 = 50,000 * 14.29% = 7,145 D2 = 50,000 * 24.49% = 12,245 D3…

Q: The number of firms in an oligopoly must be: O a) Large enough so that firms cannot coordinate. O b)…

A: Oligopoly refers to a market structure in which free large firms dominate the market. There are…

Q: Listed below are terms associated with the financial market. Match the correct definition or…

A: Financial markets encompass any marketplace where securities are traded, such as the stock market,…

Q: Give an exmple of External Rate of Return (ERR) with complete solution and diagram.

A: Internal Rate of Return The interest rate at which the present value of all of the project's…

Q: Refer to the above table. Assuming that opportunity costs are constant, the opportunity cost of…

A: Opportunity cost basically refers to the cost of best next foregone. It is the cost of something…

Q: Jack's production possibilities Production Jill's production possibilities Food Clothing (pounds)…

A: The answer is - D) food, clothing In, the table above, Jack's comparative advantage is producing…

Q: The government is more likely to allow a horizontal merger between two firms if the merger is…

A: Horizontal merger occurs where the similar types of firms tend to merge.

Q: The ________ determines if imports from other countries are being fairly traded in the U.S.…

A: World Trade Organization is an international organization which facilitates the international trade.…

Q: Quantity Supplied Domentically Jerice Domestically Ouantity Demanded 1,400 $10 2,200 1.600 2,000…

A: Answer; Tariff would generate government revenue of $800 at the world price $6 Answer is (D)

Q: Sodel /Cost Spy Price \ Denend Phate lele) Quenty This market O would maximize total well-being at…

A: Because it considers the external costs that producers impose on society, the social cost curve is…

Q: Which is a good fiscal policy when inflation is very low and unemployment is very high? Decrease the…

A: Fiscal policy is a policy used by the government to stabilize the economy. The tools are changes in…

Q: Firm A: High Price A: $6 В: $6 Low Price A: $8 High Price B: -$2 Firm B: A: -$2 B: $8 A: $0 B: $0…

A: Cartel agreement is the aggregate between firms to charge a certain price.

Q: 3. You and your roomate are deciding whether to go to å pa. Going to the party is fun and gives a…

A: Expected Payoff of going to party = 50% (4 )  [No covid ]  + 50% (-10)   [Covid ] = -3  Expected…

Q: Wing is a brand manager for a large food manufacturer. She must predict sales of a new product on…

A: J B say an economist said that supply creates its own demand. This was the traditional marketing…

Q: Suppose the total cost function of a firm that produces hotdogs is C= 150q - 4q +2q where q is the…

A:

Q: i owned both of the two jerry garcia autographed lilthographs in existence. I sold one on eBay for a…

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: The market position of Easy-Freeze Dinners shows that competition is heavy, though marginal…

A: Here, it is given that the market of Easy-Freeze Dinner is highly competitive, but some or marginal…

Q: Which of the following social movement strategies was used by the United Farm Workers to get…

A: Petition:- A petition can be explained as a written statement addressed to a specific person,…

Q: For each of the events describe below, you are required to explain: 1. The market you are evaluating…

A: “Since you have asked multiple questions, we will solve the first three parts of the question for…

Q: Discuss the relationship of price to consumerperceptions of quality.

A: Customer perception is important in many areas, including customer understanding, communications and…

Q: What are some general factors that can impact the demand for a product and the supply of a product?…

A: Law of demand states that there exists negative relationship between price of a good and quantity…

Q: Suppose the total cost function of a firm that produces hotdogs is C= 150q - 4q + 2q where q is the…

A:

Q: For a corripetitive firm workers marginal revenue product equals the marginal product of labor times…

A: The answer is - wage rate

Q: Given the following demand and supply schedules for banana, you solve for the following problems.…

A: Price elasticity of demand is defined as the percentage change in quantity demanded due to a…