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Officebuildingmaintenanceplanscallforthestripping,

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solution


Question

Officebuildingmaintenanceplanscallforthestripping,waxing,andbuffingofceramicfloor;tiles.Thisworkiscontractedouttomaintenancefirms,andbothtechnologyandlabor;requirementsareverybasic.Supplyanddemandconditionsinthisperfectlycompetitive;servicemarketinNewYorkare;QS=20+2P;(Supply);QD=802P;(Demand);whereQisthousandsofhoursoffloorreconditioningpermonth,andPisthepriceper;hour.;A. Algebraicallydeterminethemarketequilibriumprice/outputcombination.;B. Useagraphtoconfirmyouranswer.;Forthegraph,useprices:10,20,30,40,50,60,70,80,90;Thefigurebelowshowsafirminaperfectlycompetitivemarket;a.Findthepricebelowwhichthefirmwillgooutofbusiness.;b.Whatisthefirmslongrunsupplycurve?;Assignment#2

 

Paper#31052 | Written in 18-Jul-2015

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