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Economics - eno, Other types

On a separate piece of paper: 1. Draw the following curves for a perfectly competitive individual firm which is earning an economic profit in the short-run: Average total cost Marginal cost Marginal revenue Identify the profit maximizing output quantity and highlight or shade the area that represents the short-run profit. 2. Draw the industry supply and demand curves. Describe and graph what happens to the industry curves in response to the existence of economic profits. Show what happens to quantity and price. 3. Next show what happens to the individual firm’s curves based upon the industry reaction in #2. 4. Finally describe how the analysis in #1-3 would be different if instead of this being a perfectly competitive industry, the industry is a monopoly with barriers to entry.
On a separate piece of paper: 1. Draw the following curves for a perfectly competitive individual firm which is earning an economic profit in the short-run: Average total cost Marginal cost Marginal revenue Identify the profit maximizing output quantity and highlight or shade the area that represents the short-run profit. 2. Draw the industry supply and demand curves.
Assignment ID
310586
Discipline
CREATED ON
7 November 2017
COMPLETED ON
8 November 2017
Price
$40
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7 November 2017
User posted an order for Economics
7 November 2017
15 writers responded and offered to do the job for a price between $45 and $45
7 November 2017
User contacted writer ProfessorA
7 November 2017
User hired writer ProfessorA
8 November 2017
Writer completed order Economics - eno, Other types for 1 day, meeting the deadline
8 November 2017
User accepted the job right away and completed the payment
8 November 2017
User left a positive review
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