A market in perfect competition is in long-run equilibrium. What happens to the market if labor unions are able to increase wages for workers? Include a detailed set of graphs showing both the market and firm long run equilibration in reaction to the change.
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- What is the relationship between marginal cost and the short-run supply curve for the purely competitive firm?Now suppose that an FDA report announces that coffee is harmful to cardiovascular health. Starting from the diagrams show and discuss with your group how the market will adjust towards a short-run equilibrium and then return to a long-run equilibrium. What happen to the market price and quantity in the short-run? What happens to individual firm output and the number of firms in the short-run? What is the profit in the short-run? What happen to the market price and quantity in the long-run? What happens to individual firm output and the number of firms in the long-run? What is the profit in the long-run? (in reference to: https://www.bartleby.com/questions-and-answers/market-for-coffee-shop-coffee-sarbucks-store-market-for-coffee-shop-coffee-sarbucks-store/0b934604-546c-4b2a-ae02-e65f6f9c2eb2 and https://www.bartleby.com/questions-and-answers/o-baby-fifty-quit-or-x-dessie-summ-g-love-island-season-m-gmail-email-from-h-m-inbox-96-o_folor-x-o-/fb1f7acb-7bb6-46ad-85e6-72aa635db643The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including number of firms, is possible. We have identical firms, each with a Total Cost curve of TC=862+q^2 and Marginal Cost curve MC=2q. Market demand is Q=856-2P. What is the number of firms in the market in the long run equilibrium?
- Malaysia is the world's largest producer of rubber gloves. The Rubber gloves industry is perceived as a highly competitive industry. Explain in detail how rubber glove manufacturers are able to increase their production in the short-run and long run.In the long run, perfectly competitive firms make zero economic profit. If this is the case, why does the firm even bother producing? Why not exit the market completely?The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) curves for a firm in a competitive market. These curves imply a short-run supply curve that has two distinct parts. One part, not shown, lies along the vertical axis (quantity-0); this represents a condition of production shutdown. Where is the other part? Use the straight-line tool to drawit. To refer to the graphing tutorial for this question type, please click here Price and cost 18 15 14 13 12 10 19/21 SUBMIT ANSWER 13 OF 21 QUESTIONS C OMPLETED 28 MacBook Pro 금□ F7 F8 F9 F1o F2 F3 F5
- Explain why the firm will still operate in the market if the economic profits are equal to zero. Use the graph to support your answer.A perfectly competitive market is in a long-run equilibrium. Prices of variable inputs for the typical firm decrease. Describe what will happen in the short run, to the typical firm’s marginal costs, average fixed costs, average costs, profits, and production as the firm makes its choices. In each case, describe why those changes take place. Describe exactly why the firm decides to make changes. As part of that discussion, summarize what happens in the market and how those changes relate to the typical firm. You do not need to discuss why the changes take place in the market. Outline in several sentences what will happen in the long run to the typical firm and the market.In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?
- Assume that the plum market has lots of different farms. They are producing pretty much the same product. The plum market is very much like a perfectly competitive market. When answering these questions, please use an explanation in words and the diagrams of the perfect competition model. A capitalist interested in the California plum market has asked you for an analysis. The capitalist comments, “I am guessing that plums are going to increase in popularity. What does that mean in the market?" Help this capitalist understand what might happen in this market given that plums will experience an increase in popularity. Please apply the perfect competition model. 1. One thing California plum farmers will need to consider is that the cost of water is going to increase (due to water shortages). Consider the cost of water part of the farmers cost of growing plums. Please explain to this capitalist what is expected to happen in the market. Don't forget to use perfect competition…Assume that the plum market has lots of different farms. They are producing pretty much the same product. The plum market is very much like a perfectly competitive market. When answering these questions, please use an explanation in words and the diagrams of the perfect competition model. A capitalist interested in the California plum market has asked you for an analysis. The capitalist comments, “I am guessing that plums are going to increase in popularity. What does that mean in the market?" Help this capitalist understand what might happen in this market given that plums will experience an increase in popularity. Please apply the perfect competition model. a. In the short-run, what will a typical plum farm experience? Why? Don't forget to use perfect competition diagram(s) when explaining it.Suppose a firm in a perfectly competitive industry develops a manufacturing innovation that lower its variable cost of production. What are the short run impacts of this innovation on both the firm and the industry? Please include a graph to illustrate the short run impacts. What are the long run impacts on both the firm and industry? Please include a graph to illustrate the long run impacts.
