the area abcd. (e) Supernormal profit would encourage new firms to enter the industry. This would cause price to fall until it was equal to the minimum point of the long-run average cost curve (at that point‚ there would be no supernormal profit remaining and hence firms would stop entering and the price would stop falling). 2. If the industry under perfect competition faces a downward-sloping demand curve‚ why does an individual firm
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Michelle Algya Algya 1 Ashley Dolan English December 9‚ 2012 Miss Not So Perfect She was asked one question. She had thirty seconds to answer. With her long blonde hair‚ perfect complexion‚ never ceasing smile‚ and sparkling blue dress‚ Miss Teen North Carolina‚ one of the last contestants left‚ plunged into the glass bowl for her question: “Recent polls have shown that 1/5 of Americans can’t locate the U.S. on a world map. Why do you think this is?” Taking a deep breath‚
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Production and Perfect Competition Unit 3 Individual Project AIU Damaris Rodriguez * Total Variable Cost (TVC) = (Number of Workers * Worker’s Daily Wage) + Other Costs Total Variable Cost is 4.4 million = (50‚000 * 80) + 400‚000 * Average Variable Cost (AVC) = Total Variable Cost / Units of Output per Day AVC $22 is the Average Variable Cost per Unit = (4.4 million / 200‚000 units) * Average Total Cost (ATC) = (Total Variable Cost +Total Fixed Cost) / Units of Output per day. $27
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statements‚ however his argument comes across as completely one-sided and biased. Plato’s ideal of a “perfect” society may be effective and keep the system orderly‚ but it deprives the majority of the population of their rights as human beings‚ and his idea of a just person does not match up with his idea of a just society. If one closely analyzes Plato’s “perfect” society‚ it is clear that it may seem perfect to the outside world‚ but is run in a dictator-like fashion that does not lead to living an enjoyable
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Aubrey Lemna Hour: 2 Extemporaneous Outline Topic: How to go on the perfect vacation General Purpose: To inform Specific Purpose: At the end of my speech‚ my audience should be able to plan the perfect vacation. Introduction: I. (AGD): Imagine yourself‚ on a beautiful island in the middle of the turquoise blue ocean with your significant other‚ soaking up the glorious sun rays getting that vitamin D‚ and the only sound you can hear is the warm tropical breezes ruffle the
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to visit an enchanting island? An island where the climate is perfect. An island with great hotels where you can enjoy yourself. An island that has great beaches. An island where you can acquire the knowledge about their political system‚ culture and history the name of this island is Jojoju island. Jojoju Island is the perfect place to live and to have vacations. The nature of this island is a tropical‚ warn climate‚ perfect for agriculture and vacations and vocational industries. Jojoju
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The Perfect Storm‚ written by Sebastian Junger‚ is a novel about a six-man crew on a commercial fishing boat called the ""Andrea Gail"". It takes place in October of 1991. The crew of the "Andrea Gail" leaves from Gloucester Massachusetts on a sword fishing expedition. They fish from Georges Bank‚ which is off the coast of Massachusetts‚ to The Grand Banks‚ located off the coast of Newfoundland. They also travel to the Flemish Cap which is located in almost the middle of the North Atlantic Ocean
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difference between monopoly and perfect competition? Firm under perfect competition and the firm under monopoly are similar as the aim of both the seller is to maximize profit and to minimize loss. The equilibrium position followed by both the monopoly and perfect competition is MR = MC. Despite their similarities‚ these two forms of market organization differ from each other in respect of price-cost-output. There are many points of difference which are noted below. (1)Perfect competition is the market
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Production and Perfect Competition ECON220 The firm currently uses 50‚000 workers to produce 200‚000 units of output per day. The daily wage per worker is $80‚ and the price of the firm’s output is $25. The cost of other variable inputs is $400‚000 per day. Assume that total fixed cost equals $1‚000‚000. Calculate the values for the following four formulas: • Total Variable Cost = (Number of Workers * Worker’s Daily Wage) + Other Variable Costs • Average Variable Cost = Total Variable Cost
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Perfect Labor Markets When looking at the market for labor‚ it is useful to make a similar distinction to that made in the theory of the firm: the distinction between perfect and imperfect markets. Although in practice few labor markets are totally perfect‚ many do at least approximate to it. The assumptions of perfect labor markets are similar to those of perfect goods markets. The main one is that everyone is a wage taker. In other words‚ neither employers nor employees have any economic
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