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What is the equilibrium of a firm?
The equilibrium of a firm depends with the elasticity of a demand curve.
In long run equilibrium a purely competitive firm will operate where price is?
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What factors determine the equilibrium price and quantity for a perfectly competitive firm in the long run?
In the long run, the equilibrium price and quantity for a perfectly competitive firm are determined by factors such as production costs, market demand, and competition from other firms. The firm will adjust its output level until it reaches a point where marginal cost equals marginal revenue, resulting in an equilibrium price and quantity.
Distinguish between general equilibrium partial equilibrium analysis?
Partial Equilibrium, studies equilibrium of individual firm, consumer, seller and industry. It studies one variable in isolation keeping all the other variables constant.General Equilibrium, studies a number of economic variable, their inter relation and inter dependencies for understanding the economic system.
In long-run equilibrium a competitive firm produces the level of output at which?
In long-run equilibrium, a competitive firm produces at the level of output where marginal cost (MC) equals marginal revenue (MR), which is also equal to the market price (P). This occurs at the minimum point of the average total cost (ATC) curve, ensuring that the firm earns zero economic profit. At this point, the firm's resources are allocated efficiently, and there is no incentive for firms to enter or exit the market. Thus, the firm operates at an optimal scale in the long run.
What is the equilibrium of a firm?
The equilibrium of a firm depends with the elasticity of a demand curve.
What is firm equilibrium?
Firm equilibrium refers to a situation where a firm achieves a balance between its costs and revenues, maximizing profits. This is attained when the firm produces the level of output where marginal cost equals marginal revenue. It represents the point of optimization for the firm.
In long run equilibrium a purely competitive firm will operate where price is?
nn
What factors determine the equilibrium price and quantity for a perfectly competitive firm in the long run?
In the long run, the equilibrium price and quantity for a perfectly competitive firm are determined by factors such as production costs, market demand, and competition from other firms. The firm will adjust its output level until it reaches a point where marginal cost equals marginal revenue, resulting in an equilibrium price and quantity.
What is the graphical equilibrium of the firm?
The graphical equilibrium of a firm is represented at the point where its marginal cost (MC) curve intersects the marginal revenue (MR) curve. This intersection indicates the optimal output level where the firm maximizes its profit, as it is producing the quantity of goods where the additional cost of producing one more unit equals the additional revenue generated from that unit. In perfect competition, this point also aligns with the firm's average total cost (ATC) curve at its minimum, indicating long-run equilibrium.
KSAs needed by the firm to achieve the strategy and what KSAs are currently resident?
HUMAN RESOURCE KSAs needed by the firm to achieve the strategy and what KSAs are currently resident?
How a firm reaches the equilibrium when output is given and when cost is given?
must be smaller thean the price effect
Distinguish between general equilibrium partial equilibrium analysis?
Partial Equilibrium, studies equilibrium of individual firm, consumer, seller and industry. It studies one variable in isolation keeping all the other variables constant.General Equilibrium, studies a number of economic variable, their inter relation and inter dependencies for understanding the economic system.
What will happen if an individual perfectly competitive firm charges a price above the industry equilibrium price?
If an individual in a perfectly competitive firm charges a price above the industry equilibrium price this is bad. This company will go out of business quickly because their customers will go find the lower price.
What are the objectives of a firm?
The objective of the firm is the goals that a firms desires to achieve. In most cases, the objective will be to make profits.
In long-run equilibrium a competitive firm produces the level of output at which?
In long-run equilibrium, a competitive firm produces at the level of output where marginal cost (MC) equals marginal revenue (MR), which is also equal to the market price (P). This occurs at the minimum point of the average total cost (ATC) curve, ensuring that the firm earns zero economic profit. At this point, the firm's resources are allocated efficiently, and there is no incentive for firms to enter or exit the market. Thus, the firm operates at an optimal scale in the long run.
Objectives of macroeconomics from conventional perspective?
to achieve full employment,to achieve price stability, to achieve economic growth, equilibrium in B.O.P and equitable distribution of income.
