ECO550 Assignment 2 - Week 5 Assignment #2 ANSWERS Course:...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 5 Assignment #2 ANSWERS Course: Managerial Economics and Globalization (ECO 550), WINTER 2010. SECTION 003016 Directions answer all Questions: Please post the answers to Questions 1 , 2, 3, 4, 5 in the ANSWER BOX below 1.A product's Demand Curve is: Qd = - P + 25, and its Supply Curve is: Qs = 10 + 2P. Algebraically determine the equilibrium price and quantity. 2.The figure below shows a firm in a perfectly competitive market: (No explanation needed. Please provide the answer(s) only. Thanks. a. Determine the Shut- down Price b. Identify the firm’s short run Supply curve ( must specify the letters representing the supply curve .) 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
3.Fill in the blanks to complete the following statements. "Assume a perfectly competitive market is initially in long - run equilibrium. In the short run, a decrease in raw  materials prices will cause the firm's average costs to (a)_ decrease _ .  As a result, the profits of existing firms will (b)  _ increase
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/15/2011 for the course ACCOUNTING ECO550 taught by Professor E.faux during the Winter '10 term at Strayer.

Page1 / 4

ECO550 Assignment 2 - Week 5 Assignment #2 ANSWERS Course:...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online