A perfectly competitive industry consists of many identical firms, each with a long-run average total cost of LATC = 800 – 10Q + 0.1Q2 and long-run marginal cost of LMC = 800 – 20Q + 0.3Q2. In long-run equilibrium, each firm produces a quantity of . 50 40 30 60

Suppose a ceiling fan manufacturer has the total cost function c(x) = 48x + 1485 and the total revenue function r(x) = 75x. (a) what is the equation of the profit function p(x) for this commodity? p(x) = (b) what is the profit on 35 units? p(35) = interpret your result. the total costs are less than the revenue. the total costs are more than the revenue. the total costs are exactly the same as the revenue. (c) how many fans must be sold to avoid losing money? fans

If his parents cannot alex with college, and two of his scholarships will be awarded to other students if he does not accept them immediately, which is the best option for him?

If consumers start to believe they need a product, what is likely to happen? a. the demand becomes less elastic. b. the demand becomes more elastic. c. the supply decreases. d. the price decreases.