Economics 1021A/B Study Guide - Midterm Guide: Economic Equilibrium, Perfect Competition, Indifference Curve

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Bruce Hammond

Document Summary

Complete the table above and determine how many hours of each activity a person with will undertake (assume they want to spend all their money. The producer leases their equipment and space for /day and labour costs /day. The following table shows information for a firm that operates in a competitive market. Given the prices in the following table, fill in the q and profit columns. Suppose there are 100 identical firms in the market. Complete the market supply column and determine the equilibrium price and quantity for the entire market. Information about a firm operating in a perfectly competitive market, with 1,000 identical firms, is given below. Complete the table and calculate the equilibrium price and quantity for the industry, and the profit for each firm. Assume the firms in the industry are bought and amalgamated into a monopoly. Complete the table below and calculate the equilibrium price and quantity and the profit for the monopoly.