LG8 - 3 Be able to derive graphically the long run supply...

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University of Wisconsin Department of Economics Economics 301: Intermediate Microeconomic Theory Korinna K. Hansen Learning Guide 8 Due Date: Friday, April 11, 2008 Reading Assignment: Varian Chapter 23 Problem Assignment: Problems 1, 2 and 4 on page 422. Objectives: After completing the assignment you should be able to do the following: 1. Be able to derive graphically and mathematically the short run industry supply from individual supply curves. 2. Be able to derive graphically and mathematically the short run equilibrium for the industry.
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Unformatted text preview: 3. Be able to derive graphically the long run supply curve. 4. Be able to describe with a graph the incidence of a tax in the short and long run. 5. Describe the meaning of zero economic profits. 6. Be able to define, graph and explain economic rent for some factors of production. 7. Be able to describe on a graph how the two-tiered oil pricing policy would work 8. Be able to describe on a graph how the entitlement program policy would work....
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