Refer to Figure 22.3 for a perfectly competitive firm. This firm should shut down at any price below
A. $10.
B. $23.
C. $15.
D. $4.
Answer: A
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The long run market supply curve is formed by adding up individual firm supply curves in the industry.
Answer the following statement true (T) or false (F)
Sarah and Andrew are two traders in a pure exchange economic with two goods, Bikes (B) and Computers (C). Sarah's preferences are described by the Cobb-Douglas Utility function:
US = BS1/3CS2/3 Andrew's preferences are given by: UA = BA1/2CA1/2 Assume the price of Bikes is 1 and the price of computers is p. The initial endowments are BA = 10, BS = 20, CA = 20 and CS = 10. Solve for the competitive equilibrium prices (relative prices) and quantities.
Have the growth rates of the two measures of money moved together over time? Explain.
What will be an ideal response?
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