microeconomics questions need help!!!

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?

**Cathy95820** · 11-17-2008, 10:10 AM

Hi CollegeStudent

Is this your homework?

I thought I read somewhere in the forums recently that we aren't supposed to do your homework for you

You definately don't want me to help if you want the right answers

Anywho.....Hey! Welcome to TSF!

DonaldG · 11-17-2008, 01:33 PM

Hi College Student...

A warm welcome to TSF

Cathy is correct. Helping with homework is against the TSF rules. Please have a look at the rules, a link to them is on every page. Regretfully the thread will be closed.

Not a very happy welcome to TSF, but do please hang around, we are a friendly bunch really.

Regards
Donald

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?

11-17-2008, 10:10 AM	#2 (permalink)
Cathy95820 TSF Enthusiast Join Date: Dec 2007 Location: Sacramento, CA Posts: 2,359 OS: Windows XP Svs.Pk 3	Re: microeconomics questions need help!!! Hi CollegeStudent Is this your homework? I thought I read somewhere in the forums recently that we aren't supposed to do your homework for you You definately don't want me to help if you want the right answers Anywho.....Hey! Welcome to TSF! Last edited by Cathy95820; 11-17-2008 at 10:12 AM.

11-17-2008, 01:33 PM	#3 (permalink)
DonaldG Asst Manager Articles Team Join Date: Aug 2007 Location: Somerset, UK Posts: 9,983 OS: XPsp2 Laptop & Vista Ultimate Desktop My System Blog Entries: 1	Re: microeconomics questions need help!!! Hi College Student... A warm welcome to TSF Cathy is correct. Helping with homework is against the TSF rules. Please have a look at the rules, a link to them is on every page. Regretfully the thread will be closed. Not a very happy welcome to TSF, but do please hang around, we are a friendly bunch really. Regards Donald __________________ . Lest we forget... "They shall grow not old, as we that are left grow old; Age shall not weary them, nor the years condemn. At the going down of the sun and in the morning We will remember them." Submit New Articles Here TSF's Photographer's Corner . Last edited by DonaldG; 11-17-2008 at 01:34 PM.