The model of competitive markets relies on these three core assumptions: Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why
2. The demand curve facing a competitive firm
The following graph shows the daily market for medium cardboard boxes in San Francisco. Based on the preceding graph showing the daily market demand and supply curves, the price
3. Profit maximization using total cost and total revenue curves
Suppose Jacques runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan.
4. Profit maximization in the cost-curve diagram
Suppose that the market for blenders is a competitive market. The following graph shows the daily cost curves of a firm operating in this market.
5. Profit maximization and shutting down in the short run
Suppose that the market for dress shirts is a competitive market. The following graph shows the daily cost curves of a firm operating in this market.
6. Deriving the short-run supply curve
Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry.
7. 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.
8. Short-run and long-run effects of a shift in demand
Suppose that the chicken industry is in long-run equilibrium at a price of $5 per pound of chicken and a quantity of 250 million pounds per year. Suppose that WebMD claims that a protein found in chicken will increase your expected lifespan by 3 years.
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ReplyDeleteJacques lives in Toronto and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totalling $286,000. He owns his show room; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this show room does not depreciate over the year. Also, if Jacques does not operate this guitar business, he can work as an accountant, receive an annual salary of $20,000 with no additional monetary costs, and rent out his show room at the $3,000 per year rate. No other costs are incurred in running this guitar business.
ReplyDeleteIdentify each of Jacques's costs in the following table as either an implicit cost or an explicit cost of selling guitars.
Implicit Cost
Explicit Cost
The rental income Jacques could receive if he chose to rent out his show room
The wages and utility bills that Jacques pays
The wholesale cost for the guitars that Jacques pays the manufacturer
The salary Jacques could earn if he worked as an accountant
Complete the following table by determining Jacques's accounting and economic profit of his guitar business.
Profit
(Dollars)
Accounting Profit
Economic Profit