Solved: How many flip flops does summer flip flops produce, Macroeconomics

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How many flip flops does summer flip flops produce

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Question: A perfectly competitive flip flops industry has the following demand an supply curves

Q_s=16+p

Q_d=80-p

1) What is equilibrium price and quantity?

2) A particular firm (summer flip flops) in the same industry (flip flop industry) has the following short run cost total cost function

Tc = 64 + q^2

How many flip flops does "summer flip flops" produce (always assume that the firm is maximizing profits)?

3) What is"summer flip flops" economic profit?

4) Should the firm produce or shut down in the long run?

5) Should the form produce or shut down in the short run?

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Macroeconomics: How many flip flops does summer flip flops produce

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Solution Preview :

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Macroeconomics: How many flip flops does summer flip flops produce

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Have a Question? (oR Write a Review)

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Solution Preview :

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Macroeconomics: How many flip flops does summer flip flops produce

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Recent Questions Asked Macroeconomics

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