Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Topic: (Perfect competition, adjustment to LR equilibrium)Question:. Suppose that P = MC = $16, AVC = $14 and ATC = $18 at the level of output chosen by all firms in a short-run equilibrium of a perfectly competitive industry.a) (15 marks) Explain what will happen to (i) output per firm (q), (ii) industry output (Q), (iii) industry price (P) and (iv) the number of firms (n) as the industry adjusts to the new long-run equilibrium. Use industry and firm diagrams to explain your answer.b) (5 marks) Determine whether or not it is possible to determine whether the new long-run equilibrium price will be (i) 16 or (ii) 18 or (iii) between 16 and 18 or (iv) greater than 18.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more