ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2016 Exam3A Key
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Econ 2100 (summer 2016 sections 10 & 11) According to the ftc classification of market concentration, a market is not concentrated if. Hhi is __________ and is highly concentrated if __________. below 1,000; above 1,800. Kyle sells potatoes in a perfectly competitive market. Last year he: produced 30,000 pounds of potatoes, sold each pound of output at a price of , had fixed costs of ,000, and earned a profit of ,000. If instead fixed costs had been ,000 then his maximum short run profit would have instead been larger. Brenda operates a lemonade stand for 2 hours. She spends for ingredients and sells of lemonade. During these two hours she could have instead mowed a neighbor"s lawn for (using the neighbor"s lawn mower and gas). It follows that from running the lemonade stand she has an accounting profit of _____ and an economic profit of _____.
