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college student · 11-17-2008, 09:58 AM

If you can answer at least one of these 5 questions i would appreciate it so much...

1) Is the demand elasticity for college services with respect to tuition more elastic for freshman than it is for seniors, or is it less elastic? explain why.

2) Perfectly Competitive firms are incapable f earning economics profits in the long-run. Why do these firms remain in business in the long-run?

3) Why does price taking behavior depend on having a homogenous product?

4) Show graphically and explain how the introduction of a new production technology affects a representative firm in a perfectly competitive industry in both the short-run and the long-run.

5) Why are a firm's profits maximized at a level of output where Marginal Revenue = Marginal Cost?

11-17-2008, 09:58 AM	#1 (permalink)
college student Registered User Join Date: Nov 2008 Posts: 1 OS: vista	microeconomics questions need help!!! If you can answer at least one of these 5 questions i would appreciate it so much... 1) Is the demand elasticity for college services with respect to tuition more elastic for freshman than it is for seniors, or is it less elastic? explain why. 2) Perfectly Competitive firms are incapable f earning economics profits in the long-run. Why do these firms remain in business in the long-run? 3) Why does price taking behavior depend on having a homogenous product? 4) Show graphically and explain how the introduction of a new production technology affects a representative firm in a perfectly competitive industry in both the short-run and the long-run. 5) Why are a firm's profits maximized at a level of output where Marginal Revenue = Marginal Cost?