This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Tea production takes place in a perfectly competitive industry, and all tea producers have the same ... (Read 19 times)

knemetz3

  • Full Member
  • ***
  • Posts: 149
on: Nov 23, 2022
Tea production takes place in a perfectly competitive industry, and all tea producers have the same cost curves. The market price for an ounce of tea is $3.85 and each firm can maximize profits by producing 270 ounces a day. At 270 ounces a day, the average total cost of producing tea is $3.10 an ounce. Minimum average variable cost is $2.35 an ounce and the minimum average total cost is $2.40 an ounce.
In the short run, the tea producer earns an economic ________ (profit/loss) of ________ which causes firms to ________ (enter/exit) the industry.
What is the price and economic profit in the long run?
◦ profit, $391.50, exit, $2.35, $0
◦ profit, $202.50, enter, $2.40, $0
◦ profit, $202.50, exit, $2.40, $13.50
◦ profit, $391.50, enter, $2.35, $13.50
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by knemetz3 on Nov 23, 2022

senorfranco

  • Full Member
  • ***
  • Posts: 164
Reply #1 on: Nov 23, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 29% of students answer this correctly


knemetz3

  • Member
  • Posts: 149
Reply 2 on: Nov 23, 2022
Wow, this really help

AngeliqueG

  • Member
  • Posts: 343
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Pathway of urine production and elimination. Pathway of urine production and elimination.
Production of Ethanol process Production of Ethanol process
Competitive drug enzyme immunoassay. Competitive drug enzyme immunoassay.
Place your hands on both sides of the upper arm, and squeeze along the anterior and posterior ... Place your hands on both sides of the upper arm, and squeeze along the anterior and posterior ...
Pelvis and knee rock. Hold the feet again for a moment, and move to the person’s right side. Place ... Pelvis and knee rock. Hold the feet again for a moment, and move to the person’s right side. Place ...
Subsurface mining takes place in underground tunnels Subsurface mining takes place in underground tunnels
Video: Interview with Person who has Panic Attacks

For a complete list of videos, visit our video library