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 130 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

xoxo123

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Predicted effects of piscivores on planktivore, herbivore, and phytoplankton biomass and production Predicted effects of piscivores on planktivore, herbivore, and phytoplankton biomass and production
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 two-hand petrissage over the entire upper back. Place palms flat on back next to each other. ... Apply two-hand petrissage over the entire upper back. Place palms flat on back next to each other. ...
Apply L stroke under the mandible. Place your middle and ring fingers under the tip of the chin; ... Apply L stroke under the mandible. Place your middle and ring fingers under the tip of the chin; ...
Fossil fuels production Fossil fuels production
Cereal production in Africa may decrease by as much as 50% by 2080 in some areas Cereal production in Africa may decrease by as much as 50% by 2080 in some areas
Video: Junction Types - Tight and Adherens Junctions

For a complete list of videos, visit our video library