Unformatted text preview: making a profit. 4. Shoe Store a. She will sell 500 pairs of shoes b. Her total profit will be 35,000 dollars c. She should expect t more people to enter into the market since there is a profit to be made. d. The long run will be a perfectly elastic, and will be at 50 dollars. 5. The market equilibrium price is fourteen dollars. The equilibrium market quality is three units. Each firm should be making the same profit which is the market profit divided by the number of firms in the market. If it falls below three dollars then they need to get out of the market and find I new market to produce in....
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- Spring '08
- Economics, shoe store, 4 dollars, Abby Kelly Food