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When profit is maximized in a perfectly competitive firm?
At the output level at which the slopes of the total revenue and total cost curves are equal, provided the firm is covering its variable cost
Suppose that the pen-making industry is perfectly competitive. Also suppose that each current firm and any potential firms that might enter the industry all have identical cost curves with minimum AT?
$1.25.
Why is the demand curve the same as the marginal revenue curve for a perfectly competitive firm?
Because for a perfectly competetive firm since the demand curve is perfectly elastic even a slightest price change doesnt add any further demand..so there is no change in marinal revenue also.Since revenue is demand multiplied with cost of unit..the two curves are same.
The horizontal sum of all individual demand curves is known as?
The MArket Demand Curve
How can one determine deadweight loss in a market?
Deadweight loss in a market can be determined by comparing the quantity of goods or services that are actually traded to the quantity that would be traded in a perfectly competitive market. This difference represents the loss of economic efficiency due to market distortions such as taxes, subsidies, or monopolies. The deadweight loss is the area of the triangle between the supply and demand curves, up to the point where they intersect in a perfectly competitive market.
When profit is maximized in a perfectly competitive firm?
At the output level at which the slopes of the total revenue and total cost curves are equal, provided the firm is covering its variable cost
Suppose that the pen-making industry is perfectly competitive. Also suppose that each current firm and any potential firms that might enter the industry all have identical cost curves with minimum AT?
$1.25.
What does a The horizontal summing of individual demand curves create?
blunt blow
Why is the demand curve the same as the marginal revenue curve for a perfectly competitive firm?
Because for a perfectly competetive firm since the demand curve is perfectly elastic even a slightest price change doesnt add any further demand..so there is no change in marinal revenue also.Since revenue is demand multiplied with cost of unit..the two curves are same.
What is non- linear plot?
A linear line is one that is straight with no curves. A non-linear line would not be perfectly straight and can have many curves.
The horizontal sum of all individual demand curves is known as?
The MArket Demand Curve
Give the 4 difference between horizontal and vertical centering?
Horizontal Alignment includes a straight path, curves, or deviation in a horizontal direction. Vertical Alignment includes vertical curves and gradients on the ground. But it is difficult to change the alignment once the road is constructed, so care has to be taken in finalizing the alignment.
How can one determine deadweight loss in a market?
Deadweight loss in a market can be determined by comparing the quantity of goods or services that are actually traded to the quantity that would be traded in a perfectly competitive market. This difference represents the loss of economic efficiency due to market distortions such as taxes, subsidies, or monopolies. The deadweight loss is the area of the triangle between the supply and demand curves, up to the point where they intersect in a perfectly competitive market.
What is warpage in hypermesh?
waprage is distortion of elements when there is curvature the elements are not perfectly along the curves
What is the definition of a horizontal line?
Horizontal lines are straight curves that typically runs from left to right across the page, usually sharing the same y-coordinate. Horizontal lines are perpendicular to vertical lines.
A purely competitive firm's short-run supply curve is?
Because of the price taking nature of the firm in the perfectly competitive market. The supply curve would be the portin of the (Marginal Cost Curve) that disects the (P=Ar=Mr curves). Som from that point up would be the supply curve, to produce below that point would not be beneficial to the establishment. Up sloping and equal to the portion of the marginal cost curve that lies above the average variable cost. The demand curve is also perfectly elastic, this too contributes to the fact.
Why are roads super elevated around horizontal curves and what factors control the maximum and minimum values of super elevation to be applied?
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