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 32 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
Gracias!

upturnedfurball

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Demonstrating the use of venipuncture equipment. Holding a butterfly needle in place with a ... Demonstrating the use of venipuncture equipment. Holding a butterfly needle in place with a ...
Apply passive touch over the eyes and cheeks to finish. Place the hands, using very light pressure, ... Apply passive touch over the eyes and cheeks to finish. Place the hands, using very light pressure, ...
Adjust drape for abdominal massage, and stand at the side of the table facing the head. Place hands ... Adjust drape for abdominal massage, and stand at the side of the table facing the head. Place hands ...
Cover and secure the cold source in place. Wrap the cold source using a towel or elastic bandage to ... Cover and secure the cold source in place. Wrap the cold source using a towel or elastic bandage to ...
Apply knee to chest stretch for posterior hip and leg muscles. Facing the table directly, place one ... Apply knee to chest stretch for posterior hip and leg muscles. Facing the table directly, place one ...
Major U.S. Centers of Cattle, Corn, Wheat, and Soybean Production Major U.S. Centers of Cattle, Corn, Wheat, and Soybean Production
Video: Hydrogen bonds vs. Ionic bond

For a complete list of videos, visit our video library